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Crypto markets could benefit from increased liquidity if the US central bank steps in to support the $75 trillion equity market in a bear market, as it is “too big and too important to fail,” according to analysts. The US equity market has grown by 68% over the past five years and has added roughly $6 trillion in market value so far this year. However, analysts and experts, such as goldbug Peter Schiff, have warned that years of rapid growth could be setting up the market for a major correction. Such a correction could see the Fed “break decades of precedent” and buy equity ETFs to support the stock market, Bloomberg’s ETF expert Eric Balchunas said on Tuesday, while other analysts said the resulting move to increase liquidity could set up an environment for cryptocurrencies to benefit.”Once the Fed steps in, rate cuts, balance-sheet expansion, even targeted ETF purchases, crypto has historically entered a medium-to-long-term uptrend, similar to what we saw in 2021, as risk appetite returns and capital rotates back into high-beta assets,” Bitget Wallet chief operating officer Alvin Kan told Cointelegraph. Stocks deeply embedded in American householdsBalchunas said that 58% of Americans own stocks, so “the political pressure to keep stocks out of a prolonged bear market is going to be very powerful.”In 2020, the Fed bought corporate bond ETFs during COVID-19 to act as a “buyer of last resort” to restore liquidity to frozen credit markets. The unprecedented move saw it acquire $8.7 billion worth of ETFs, which helped to limit economic damage from the pandemic. “I think there’s a good chance the Fed will buy equity ETFs in the next major downturn to support [the] market, and it will be common practice going forward,” said Balchunas.Related: Crypto turns ‘contrarian bet’ as AI stocks draw investor attention: BitwiseCentral banks in China and Japan currently use indirect equity ETF purchases via authorized intermediaries with public funds to boost liquidity, and America could follow, he added. “This is just one byproduct of the ‘Nothing Stops This Train’ monetary supply explosion and debt extravaganza sweeping the world, but especially in the US, which at this point feels irreversible.”US stock market cap growth over the past five years, as measured by the Wilshire 5000 Total Market Index. Source: Yahoo FinanceCrypto remains tied to dollar liquidityHashKey Group senior researcher Tim Sun said that a prolonged, severe bear market “would do far more than just erode investor wealth — it would directly shock consumer spending, compromise pension stability, stall corporate credit expansion, and dent tax revenues.”While cryptocurrencies will not receive direct backing from the central bank, “their macro pricing remains fundamentally tied to US dollar liquidity, real interest rates, and equity market risk sentiment,” Sun added. “Once market participants are convinced that a policy floor effectively underpins risk assets, the risk premium demanded for highly volatile assets will compress. As a result, Bitcoin and mainstream crypto assets are poised to benefit significantly from improving liquidity expectations and a broader revival in risk appetite.”Bitcoin has underperformed US stock markets this year. Source: Google FinanceStrong incentive to backstop major drawdowns“This structural backstop supports a more resilient macro backdrop, and that’s ultimately bullish for crypto’s role as a growth and diversification asset in a world of expanding global liquidity,” Kan said. Meanwhile, Jeff Mei, the operating chief of BTSE, told Cointelegraph that in the event of a downturn, “it’s difficult to see the Fed printing more money to stimulate it, given that inflation is still high. However, there are other tools they can deploy to take action.”Features: The biggest blockchain upgrades still to come in 2026

Tokenized stock transfers more than doubled over the past month to $8.41 billion, according to RWA.xyz data, as activity in onchain equity markets continued to accelerate.The sector’s distributed value also climbed 43% over the same period to $2.16 billion, while the number of holders increased 17% to more than 409,000, according to the data platform.Growth was led by several of the market’s largest tokenization platforms. Figure’s distributed value surged 935% over the past 30 days, while Securitize’s rose 332% and xStocks’ increased around 62%. Ondo remained the largest tokenized stock platform by distributed value at roughly $846 million, followed by xStocks with about $708 million, Securitize with $306 million and Figure with $239 million, according to the data.Tokenized stocks. Source: RWA.xyzTokenized equities outperformed other segments of the RWA market. Distributed value for tokenized US Treasurys, the sector’s largest asset class, was essentially flat over the past month, while the broader tokenized RWA market grew about 4% to $33.5 billion.Related: Tradeweb executes real-time tokenized US Treasury transaction on Canton NetworkCrypto and Wall Street race to tokenize stocksThe tokenized stock market has grown from roughly $378 million to $2.16 billion over the past year, a gain of about 471%, according to RWA.xyz data.The growth has coincided with a wave of new tokenized equity offerings across crypto exchanges. During the SpaceX IPO, Kraken, Bybit and Bitget Wallet used xStocks infrastructure to offer tokenized pre-IPO access. Although customer demand exceeded the available share allocation, it highlighted growing investor appetite for blockchain-based securities.The momentum has spread to public markets. Earlier this month, Securitize became the first newly public company to issue tokenized versions of its shares on the Solana and Avalanche blockchains as it debuted on the New York Stock Exchange.Some of the biggest names in traditional finance have also been accelerating their own tokenization efforts. In May, the DTCC announced plans to launch a tokenized securities service in October after receiving regulatory approval to offer tokenization services on pre-approved blockchains under a three-year pilot.Source: The_DTCCEarlier this year, the New York Stock Exchange and parent company Intercontinental Exchange unveiled plans for a platform to trade tokenized stocks and ETFs, while Nasdaq partnered with Kraken and infrastructure firm Backed to develop technology linking traditional equities with blockchain networks.As competition between crypto-native and traditional finance firms intensifies, ICE CEO Jeffrey Sprecher has urged regulators to allow traditional exchanges to offer 24/7 onchain perpetual futures, arguing regulated venues should be able to compete with crypto-native platforms.Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

European Union officials are reportedly planning to revise the Markets in Crypto-Assets (MiCA) framework amid the implementation of a US law on stablecoins.According to a Wednesday report from Euronews, EU officials planned to revisit proposed changes to MiCA to broaden the framework’s scope, specifically regarding non-EU companies issuing stablecoins. The revised rules, which authorities will reportedly consider in 2027, were in response to the US government’s Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act, putting pressure on EU officials to clarify how US stablecoin issuers could be regulated in member states. Officials will also reportedly consider expanding MiCA to include rules on tokenized payments and deposits.Under MiCA, crypto companies offering services to EU-based users across 27 member states must now be licensed as Crypto-Asset Service Providers (CASPs) by a regulator in one of the member states. Although the licensing requirement took effect on July 1, European Commission officials had already opened a comment period for potentially revising the framework, including provisions on decentralized finance (DeFi) and stablecoins.Related: Stablecoin-settled TradFi perpetual trading tops $1.1T: Binance ResearchThe proposed framework, which some have dubbed “MiCA 2.0,” will remain open for comments until Aug. 31. However, Miroslav Durić, a senior associate at Taylor Wessing, told Cointelegraph in June that it was unlikely that “any concrete legislative proposals will be adopted before 2028.”In addition to the GENIUS Act, US lawmakers are reportedly continuing discussions to advance their own version of market structure called the Digital Asset Market Clarity (CLARITY) Act. The bill, advanced by two key committees in the previous 12 months, is expected to head to a vote in the Senate in July before the chamber breaks for month-long state work periods.EU regulators reviewing crypto custody risksThe European Securities and Markets Authority, one of the regulators supporting the implementation of MiCA, announced on Wednesday that it planned to review the operational resilience of CASPs licensed under the recently enacted framework. From July through the first half of 2027, EU regulators will examine how crypto companies handle custody-related operational risks.Magazine: Why stablecoins and SWIFT may have to coexist 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.

The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, wants to change the terms of its merger agreement with Cantor Equity Partners for a public offering.According to a Wednesday announcement, BSTR and Cantor Equity Partners I, the special purpose acquisition company (SPAC) created by financial services giant Cantor Fitzgerald, scrapped the original terms of a 2025 merger agreement and will negotiate a new deal. Although the details were not included in the announcement, both companies said that they intended to negotiate terms that “better reflected market conditions.”Source: BSTRA shareholder meeting scheduled for Friday intended to address the SPAC merger and a public offering was postponed indefinitely. The companies said that they would “provide further details in due course.”BSTR’s initial deal included contributing more than 30,000 Bitcoin (BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) financing. The US Securities and Exchange Commission (SEC) recognized the registration statement for the agreement in June, with many expecting the public offering soon to follow.Related: Capital B raises $1.3M from Adam Back for Bitcoin strategyAccording to a February report from Institutional Investor, Cantor was giving itself “a lot of wiggle room” in SPAC deals, no longer keeping its sole focus on Bitcoin treasury companies like BSTR and Twenty One Capital, which completed a $3.6 billion merger deal with Cantor in 2025.“A Bitcoin treasury SPAC doesn’t look so good now,” said SPACInsider founder and CEO Kristi Marvin, according to Institutional Investor. “Six months from now, I don’t know — maybe.”Securitize went public with Cantor SPAC last weekThe news of the BSTR-Cantor merger potentially falling apart followed tokenization company Securitize making its debut on the New York Stock Exchange (NYSE) after a similar SPAC deal with a Cantor entity.Securitize, which has $4 billion in assets under management, got approval for a SPAC deal with Cantor Equity Partners II from the SEC in June and began trading on the New York Stock Exchange a week after shareholders signed off. The shares, trading under the ticker SECZ, fell to $7.42 apiece on Wednesday, about 40% below its July 2 closing price of $12.30. Magazine: Has Strategy’s capital overhaul put an end to ‘death spiral’ fears?

Stablecoin-settled perpetual contracts tied to traditional financial assets topped $1.1 trillion in trading volume during the first half of 2026, according to Binance Research, underscoring the growing role of stablecoins in tokenized financial markets.According to Binance Research, stablecoins are increasingly being used to settle TradFi-linked perpetual contracts, a market that’s grown to roughly 11% of all crypto perpetual trading volume in the first five months of 2026.TradFi perpetual volume and Binance market share. Source: Binance Research Beyond derivatives trading, Binance Research said stablecoins are increasingly being used as long-term stores of value rather than temporary trading assets. It found that 30% of Binance exchange users now hold more than half of their portfolios in stablecoins, up from 4% in 2020.Related: French banking giant Crédit Agricole launches EURXT euro stablecoinThe global stablecoin market cap has grown to roughly $311 billion, up from about $254 billion a year ago, according to DefiLlama data. Transaction activity has kept pace with market growth. Visa’s Allium-powered stablecoin dashboard showed adjusted stablecoin volume reached a record $1.79 trillion in June, surpassing the previous high set in February.Latin America emerges as key stablecoin marketBeyond trading and savings, Binance Research also said stablecoins are gaining traction for cross-border payments, particularly in Latin America, where adoption has accelerated over the past 12 months.The region’s share of Binance stablecoin transfer users more than doubled to 38% in 2026 from 17% in 2025, according to the report, which attributed the increase to growing demand for faster and lower-cost international transfers.Stablecoin transfers. Source: Binance ResearchThe findings align with broader regional trends. A report from Mexico City-based crypto exchange Bitso found that US dollar-pegged stablecoins accounted for 40% of crypto asset purchases on its platform in 2025, besting Bitcoin’s 18% share for the first time.The growing adoption has created a sizable market opportunity. In May, former Bybit executive Claudia Wang estimated that remittance corridors outside the US-to-Mexico market represent a $112 billion opportunity for stablecoin issuers.Traditional remittance providers have taken notice. In May, Western Union launched its USDPT stablecoin on the Solana network for cross-border payments, followed by rival MoneyGram’s June launch of its MGUSD stablecoin on Stellar, expanding blockchain-based international transfers through its consumer app.Magazine: AI is banking the unbanked in Africa… faster than crypto

Bank of England Governor Andrew Bailey has reportedly denied that lobbying efforts by Nigel Farage influenced the central bank’s approach to a potential central bank digital currency (CBDC), saying policy decisions were made independently.According to a Wednesday report by The Guardian, which obtained a letter written by Bailey, the governor said the BoE is “able to spot” attempts to influence its policymaking. The letter followed a meeting with Farage, during which the two discussed several issues, including cryptocurrencies.“Following our meeting, Mr. Farage spoke with the press outlining that we had discussed a range of topics, including cryptocurrencies,” Bailey reportedly wrote in the letter. “I am happy to confirm that no policy changes have taken place as a result of interventions by Mr. Farage.”Farage, the leader of the UK’s Reform Party and one of the most prominent supporters of Brexit, resigned his parliamentary seat this week amid reports that he accepted “gifts” from individuals with ties to the crypto industry. He has been an outspoken critic of CBDCs, saying he would “rather go to prison” than live under what he described as a system of financial surveillance.Despite his resignation, Farage maintained his innocence, stating in an X livestream that he has “not broken the law in any way at all.”Source: Nigel FarageAmid the investigations involving Farage, The Guardian also reported Wednesday that the UK’s National Crime Agency is investigating several transactions involving other senior Reform UK figures over suspected money laundering.Related: Nigel Farage accepted gifts from crypto-linked fraudster: ReportBoE presses ahead with digital pound researchThe Bank of England continues to explore a potential central bank digital currency, the proposed “digital pound,” which remains in the design phase as policymakers assess its role in an increasingly digital economy.“No decision has been made on whether to introduce a digital pound,” the central bank said in a recent update, emphasizing that any launch would require further analysis and public consultation.Earlier this year, the Bank launched a six-month pilot to explore how tokenized assets could be settled using central bank money. The project, involving 18 companies, is part of the central bank’s broader effort to modernize the UK’s financial infrastructure.Related: The 5 types of real world assets being tokenized fastest onchain

Bitcoin exchange Bull Bitcoin said Wednesday that it had petitioned France’s Council of State (Conseil d’État) to strike down a French decree implementing the European Union’s DAC8 crypto tax reporting rules.DAC8 requires crypto service providers to collect users’ identity and transaction data and automatically report it to national tax authorities, which then exchange the information with their counterparts across EU member states. The directive went into effect on Jan. 1, 2026.The exchange said in a Wednesday press release that DAC8 risks creating a “mass database” linking legal identity and home addresses, including transactions with no relevance to taxation.“Against a backdrop of daily data leaks and a surge in kidnappings targeting crypto-asset holders, building such a database endangers the physical safety of millions of holders and their loved ones.”Bull Bitcoin said it filed a summary petition before the Conseil d’État on Feb. 24, followed by a substantive legal brief outlining its arguments. The exchange said it intends to pursue “every legitimate avenue to suspend, delay, annul or amend the effects of DAC8 and its global counterpart, the CARF.” The Crypto-Asset Reporting Framework (CARF) is a global crypto tax reporting framework developed by the Organisation for Economic Co-operation and Development (OECD) that provides a common standard for jurisdictions to collect and exchange information on crypto transactions.Related: French couple robbed of $1M in Bitcoin by criminals posing as policeBull Bitcoin warns DAC8 leak could expose crypto holdersUnder DAC8, crypto service providers must submit their first reports covering the 2026 calendar year by Sept. 30, 2027, after which tax authorities in EU member states will automatically exchange the information.France implemented DAC8’s crypto reporting rules through Decree No. 2025-1276, signed Dec. 19, 2025.France has emerged as one of the countries most affected by so-called wrench attacks, in which victims are threatened or assaulted to force the transfer of digital assets. In April, RTL reported that French police had counted 41 crypto-related kidnappings since the start of 2026.Wrench attacks increased by 75% in 2025 to 72 verified cases worldwide, according to cybersecurity company CertiK. France saw the most incidents during 2025, with 19 confirmed wrench attacks, while Europe accounted for roughly 40% of global incidents. Bull Bitcoin’s warning also comes after major crypto firms have suffered customer data breaches. In May 2025, Coinbase said that less than 1% of its transacting monthly users were affected in an attack that may cost the exchange up to $400 million in reimbursement expenses.Magazine: From Bitcoin critics to blockchain believers: The 5 biggest crypto backflips

India’s tax department reportedly found widespread gaps in crypto tax reporting, warning that offshore exchanges, private wallets and peer-to-peer (P2P) trades are making crypto activity harder to track. Reuters on Wednesday reported government documents showed that fewer than a quarter of 645,000 individuals who made crypto transactions in the year ending in March 2023 reported the trades on their tax returns. The department also reportedly estimated that India had about 39 million crypto traders holding over $2.1 billion in crypto at the end of May. The findings add a tax-enforcement factor to the country’s long-running digital asset policy debate, moving the issue beyond the central bank’s financial-stability concerns and into questions on offshore trading and recoverable tax revenue. India was ranked first in Chainalysis’ 2025 Global Crypto Adoption Index.The report comes days after the Reserve Bank of India (RBI) backed a containment strategy for crypto assets. On July 3, the central bank urged lawmakers to keep banks and financial institutions insulated from cryptocurrencies and privately issued stablecoins. The RBI reportedly said prohibition remained a recognized policy option and recommended preventing digital asset use in payments and settlements. Cointelegraph sought comment from India’s Central Board of Direct Taxes but had not received a response by publication.Crypto tax enforcement remains a global challengeIndia is not the only jurisdiction struggling to bring crypto activity into the tax net. In Israel, a voluntary disclosure program aimed at crypto profits fell short of expectations, according to a June 3 report by local business outlet Globes. The Israel Tax Authority (ITA) reportedly expected to collect 2 billion to 3 billion Israeli shekels (about $650 million to $986 million) from the process, which offered criminal immunity to taxpayers who would disclose previously hidden capital. Related: Petition to scrap South Korea’s crypto tax reaches 50K thresholdDespite this, only 289 disclosure requests had been submitted since the program was launched in August 2025, with reported capital totaling 676.5 million shekels and estimated tax due of 40.9 million shekels. The figure was a sharp miss compared with the expectations and with the estimated crypto tax gap. Globes cited tax experts who said the program’s lack of an anonymous disclosure track had weakened the incentive for crypto holders to come forward.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.

Kazakhstan, one of the world’s largest Bitcoin mining hubs, is moving to expand its crypto sector as a new decree introduces rules for stablecoin payments, tax breaks for regulated crypto activity and new energy options for mining.Kazakhstan President Kassym-Jomart Tokayev has signed a decree aimed at building a regulated digital asset market, the Ministry of Artificial Intelligence and Digital Development (MAIDD) announced on Wednesday.Developed jointly by MAIDD, the central bank and the Astana International Financial Centre, the order is viewed as a tool to increase regulatory clarity for crypto businesses, investors and digital asset service providers.The move signals Kazakhstan’s latest effort to expand its role in the crypto industry and establish itself as a major global crypto hub.Stablecoins enter Kazakhstan’s cross-border trade plansIn one of its key directions, the decree targets modernization of Kazakhstan’s payments infrastructure, including provisions on creating mechanisms for using digital assets and stablecoins in cross-border settlements.The government said the move could support export and import operations by adding digital assets to Kazakhstan’s financial toolkit while keeping transactions within a regulated framework.Related: USDT wins payments, USDC wins DeFi as stablecoins diverge: DuneThe order also aims to move crypto activity from foreign unregulated platforms into Kazakhstan’s licensed digital asset infrastructure. Users holding digital assets abroad will be encouraged to disclose them and transfer them to approved domestic service providers.For individuals, the government plans tax incentives for digital asset activity conducted through regulated infrastructure, including a proposed exemption from personal income tax on related income.Gas-powered energy plans for digital miningThe action also addresses Kazakhstan’s energy resources, introducing a mechanism for associated petroleum gas and natural gas from oil and gas fields to be used for autonomous electricity generation when those resources are not needed for state purposes.That electricity could support digital mining operations, adding an energy component to Kazakhstan’s broader crypto strategy, the announcement said.Kazakhstan ranked third globally by estimated Bitcoin mining hash rate, according to data by the Cambridge Centre for Alternative Finance (CCAF) published in 2022. Source: CCAFSeparately, Kazakhstan’s government has introduced a “70/30” energy model that allows data centers and digital miners to directly access up to 70% of new power generation capacity created through infrastructure upgrades.Related: Solana Company to back Kazakhstan’s $6B crypto megacity ambitionThe decree also outlines plans to develop tokenized financial instruments and national trading infrastructure, as the Central Asian country seeks to attract digital asset investment.“Our goal is to make Kazakhstan a point of attraction for global capital and expertise while ensuring maximum transparency and protection for every participant in this market,” MAIDD Minister Zhaslan Madiyev said.Magazine: Dubai tops Asian crypto hubs, Taiwan passes crypto laws: Asia Express

Bitcoin is facing its weakest sentiment cycle yet, according to Lyn Alden, a Bitcoin-focused macroeconomist who said the asset must stand on its own as Strategy disclosed a $216 million Bitcoin sale earlier this week.“I don’t think there’s anything coming to save Bitcoin,” Alden said in a Tuesday interview with journalist and Bitcoin educator Natalie Brunell, saying the asset’s long-term success must come from its own fundamentals rather than external catalysts.“The asset just has to survive on its own merits,” Alden said, pointing to Bitcoin’s underlying properties as a liquid, permissionless way to store and send value, instead of relying on a new source of demand.Her comments come as institutional adoption and corporate treasury strategies have become features of Bitcoin’s latest market cycle. On Monday, Strategy’s weekly 8-K filing disclosed that it sold 3,588 BTC.Bitcoin sentiment falls to a cycle lowAlden said the current downturn feels different from the 2022 bear market, when Bitcoin dropped to as low as $16,000 but enthusiasm among Bitcoin investors remained relatively strong.“This is the lowest sentiment that I’ve personally seen on Bitcoin,” Alden said, pointing to a combination of fading narratives, a more corporate-driven market cycle and disappointment among investors.Alden said her base case is that Bitcoin will not reach a new all-time high this year, though she acknowledged that the asset’s volatility leaves room for a sharp move higher.“The base case that I would hope to see is just a lack of new bottoms in place” and a technical picture that points “flat to up rather than flat to down,” Alden said.STRC found demand, but leverage remains a riskMichael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, has come under increased scrutiny during the downturn as investors reassess the risks around its Bitcoin-backed capital structure and preferred stock products.Alden said Strategy’s STRC preferred stock has a role for investors who want exposure to the company’s Bitcoin strategy without holding the asset directly or taking on Bitcoin’s full volatility.Source: Matthew SigelShe noted that STRC has become the biggest preferred security in the market, but warned that higher-yielding BTC-linked products can encourage investors to take on additional leverage.Related: Strategy’s Bitcoin sale may give BTC a ‘durable bottom,’ Grayscale saysShe added that Strategy’s recent steps to rebuild its reserve coverage and introduce additional safeguards were reasonable responses to the market stress, though the long-term performance of the product still depends on Bitcoin’s price action.Alden pushes back on urgency around Bitcoin changesAlden also discussed Bitcoin Improvement Proposal 110 (BIP-110), which aims to reduce network spam by limiting data-heavy transactions, including those used to store images.Alden said she is generally cautious about efforts to change Bitcoin’s rules quickly, warning that some proposals could make the network more complex or affect its existing safeguards.Source: Eric BalchunasShe said she would analyze the technical arguments for and against protocol changes, but criticized the way some proposals are presented to the public. Alden argued that framing a protocol change as an “existential issue” for Bitcoin exaggerates the stakes, calling that approach “incorrect marketing.”Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’

Viva Republica, the operator of South Korea-based mobile money transfer app Toss, reportedly signed a memorandum of understanding with blockchain company Optimism to test a Korean won-based stablecoin infrastructure for institutional payments.The companies, along with privacy solutions provider Sunnyside Labs, will conduct a three-month proof of concept (PoC) using Optimism’s OP Stack and Sunnyside’s Privacy Boost protocol to develop a Korean won-based stablecoin and assess whether these technologies can be applied to domestic blockchain-based payment infrastructure for financial institutions, reported Yonhap News on Wednesday.The PoC will explore whether financial institutions can control the settlement process, the feasibility of implementing know-your-customer (KYC) and anti-money laundering (AML) verification requirements and whether transactions can remain private on a public blockchain ledger.Toss plans to use the three-month PoC as the foundation for building compliant stablecoin-based payment infrastructure in the country, according to the report.Cointelegraph has approached Toss for more details about the stablecoin pilot.Toss app homepage. Source: Toss.im Optimism will provide the blockchain infrastructure, while Sunnyside Labs will provide the privacy-preserving technology to shield transfers. Sunnyside is a core developer for the Optimism Collective and has been building core OP Stack infrastructure.Seoul-headquartered Toss was launched in 2015 and claims it has more than 30 million users on its mobile application.Related: Kiwoom eyes Bithumb stake as Korean brokerages push into crypto: ReportPayments giants test stablecoins for improved settlementToss’ PoC follows similar stablecoin-based initiatives from other large financial institutions in the country.In late April, one of South Korea’s largest credit card providers, Shinhan Card, teamed with the Solana Foundation to test the commercial feasibility of stablecoin payments and the use of non-custodial wallets, after completing a joint pilot project earlier that month.Shinhan Card said it hoped to eventually develop its own DeFi-linked services that implement blockchain oracles, a technology used to connect information in offchain and onchain environments.Late last year, payments giant Visa also launched USD Coin (USDC) settlement services for some US-based financial institutions on the Solana blockchain in one of the more advanced examples of stablecoin projects.Other large payment providers exploring stablecoins for improved payments and settlement include Mastercard and South Korea’s BC Card.Magazine: The biggest blockchain upgrades still to come in 2026

The European Securities and Markets Authority (ESMA), a key EU regulator supporting the implementation of the Markets in Crypto-Assets (MiCA) framework, is launching a dedicated process for reviewing crypto custody providers.ESMA plans to conduct a common supervisory action (CSA) focused on the operational resilience of crypto-asset service providers (CASPs), with a specific emphasis on custody services, according to an official announcement on Wednesday.“The CSA will assess the maturity of CASPs’ digital operational resilience frameworks in relation to custody activities,” ESMA said, adding that the reviews will focus on areas including key and storage management, alongside other operational risks.The move comes shortly after the end of MiCA’s transition phase on July 1, prompting increased attention to how EU authorities will supervise compliance with the new framework, including potential enforcement questions.National regulators to conduct custody reviewsESMA said the supervisory action will be conducted by national competent authorities (NCAs) across the EU, which will assess a risk-based sample of authorized CASPs.The reviews will run from now through the first half of 2027, with regulators examining how companies handle custody-related operational risks.In addition to reviewing key and storage management, NCAs are expected to assess areas such as governance structures, transaction controls, incident detection and response, and dependencies on external service providers.Related: Belgian regulator flags 6 unauthorized crypto providers after MiCA deadlineESMA will later consolidate the findings into a final report to be submitted to its Board of Supervisors after the exercise concludes in the second half of 2027.The review comes as some custody providers have stepped in to support crypto platforms adapting to Europe’s new regulatory environment.Last month, crypto custody company BitGo launched a Europe-focused crypto-as-a-service platform aimed at helping platforms maintain access to the market while working through MiCA-related compliance requirements.Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026Cointelegraph 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.