About
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
The Storm Behind ETH's Volatility: High-Leverage Liquidations and Dual Impact of Macroeconomic Policies
Event Review 🚨 Recently, the ETH market has experienced intense volatility. Starting around 23:10, positions of some institutions and high-leverage traders were liquidated, triggering panic selling in the market and causing a rapid release of liquidation effects. In a short period, the price of ETH hovered around $4,000, then plummeted by more than 3% in less than an hour. This round of market movement not only reflects the concentrated outbreak of inherent market risks but also mirrors the external shocks brought by macro policy uncertainties. Timeline ⏱️ 10-16 23:10 Initial market turbulence appeared, with ETH prices fluctuating in the $4,000–$4,020 range; some high-leverage positions began facing liquidation risks, and initial signals of panic selling were released. 10-16 23:56 In just 46 minutes, the price of ETH plunged from $4,019 to $3,890, a drop of about 3.22%. This was mainly due to large long positions triggering a chain of liquidations, resulting in a sudden decrease in market liquidity. 10-17 00:25 Under continued selling pressure, the price of ETH further dropped from around $4,002 to $3,866, then slightly rebounded to about $3,880.48. During this period, external macro factors intertwined with internal liquidation effects, significantly amplifying price volatility. Reason Analysis 🔍 The sharp market fluctuations mainly stem from two factors: High-leverage position liquidations triggered chain reactions Multiple institutions and high-leverage traders suffered liquidations during the price correction, and consecutive liquidations released massive selling pressure, causing market liquidity to dry up rapidly. In a short time, hundreds of millions of dollars in long positions were closed, dragging ETH prices down sharply and creating a clear chain reaction. Macro policy uncertainty intensified market risk aversion External factors such as government shutdown risks, expectations of interest rate cuts, and other policy transmission uncertainties led to a sharp decline in market risk appetite. Influenced by these uncertainties, investors chose to close positions to avoid risks, further spreading panic selling and accelerating the price decline. With the interaction of these two major factors, both the structural selling pressure from liquidations and the market sentiment downturn triggered by external macro risks jointly drove the sharp short-term drop in ETH. Technical Analysis 📊 Based on Binance USDT perpetual contract 45-minute candlestick data, the current technical outlook shows clear bearish signals, as follows: Oversold indicators and KDJ observation The current J value is in an extremely oversold region, and the KDJ indicator shows a divergent trend, suggesting a possible short-term rebound opportunity, but the overall downward momentum remains strong. OBV changes and abnormal trading volume The OBV indicator has broken below previous lows and turned negative, indicating that selling power continues to strengthen. Meanwhile, trading volume has surged by 190.85%, and there is a divergence between price and volume, showing the market is in a state of panic selling. The current trading volume is not only significantly higher than the 10-day average but also ranks in the top 10% of recent cycles. Moving average system and MACD trend The price is currently below the MA5, MA10, MA20, and MA50, with moving averages arranged in a bearish pattern; at the same time, all EMAs (including EMA5/10/20/50/120 and EMA24/52) show a strong downward trend. The MACD histogram continues to shrink, reflecting strengthening downward momentum, and the short- to mid-term technical trend remains weak. Liquidations and large transactions Recent statistics show that in the past hour, the total amount of liquidations across the network was about $10 million, with long positions accounting for as much as 94%. The main net outflow of funds was about $4 million, further confirming the huge selling pressure and lack of liquidity in the market. Market Outlook 🔮 Although ETH is currently under strong downward pressure due to high-leverage liquidations and macro uncertainty, some technical indicators (such as the extremely oversold region) suggest that a technical rebound may occur in the short term. Future trends should focus on the following aspects: Key support level observation Investors should closely monitor the important support level around $4,000 and changes in trading volume to determine whether panic selling has come to an end. Macro policy and market sentiment As government shutdown risks, expectations of interest rate cuts, and other macro factors continue to ferment, market risk aversion may persist in the short term. Investors should implement risk controls to avoid chasing highs. Liquidity recovery and long-short dynamics If the market structure improves and liquidity recovers, it may lay the foundation for a rebound. However, as long and short forces continue to alternate, investors are advised to remain cautious, closely tracking the subsequent impact of the liquidation wave. Overall, the current sharp volatility in ETH serves as a warning to the market. In a time when risks and opportunities coexist, investors should pay attention to internal liquidation data and external policy developments, adjust positions in a timely manner, and seek more stable trading opportunities amid future volatility.
BlackRock Targets the "Digital Wallet Era": Larry Fink Aims to Tokenize All Traditional Assets
Larry Fink, CEO of the world's largest asset management company BlackRock, has identified "asset tokenization" as the next revolution in financial markets, with the goal of "putting all traditional financial assets into digital wallets." On October 14, during the company's latest Q3 2025 earnings call, BlackRock not only announced that its assets under management (AUM) had reached a record $13.5 trillions, but Fink also clearly pointed out the company's key direction for the future. According to him, the value of assets held in global digital wallets has reached approximately $4.1 trillions, representing a huge potential market. Fink's vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between the traditional capital markets and a new generation of tech-savvy crypto investors. "This is the next wave of opportunity for BlackRock in the coming decades," Fink said in an interview with CNBC. This strategy has already been preliminarily validated by the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billions in assets in less than 450 days, becoming the fastest-growing ETF in history. This forward-looking strategy has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, noting that "tokenization of all assets" is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the $4 Trillion Digital Wallet Market The core of BlackRock's strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is valued at about $4.1 trillions. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded $4.5 trillions, and that these funds "currently do not have access to long-term investment products." According to Morgan Stanley's analysis, BlackRock's goal is to "replicate everything in today's traditional finance into digital wallets." By achieving this, BlackRock can introduce young investors who are accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, and provide them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, for example in real estate and other sectors. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to bring new investors into mainstream financial products through digital means. Fink pointed out that although tokenization has great potential, it is still in its early stages. He cited research from Mordor Intelligence predicting that the tokenized asset market will exceed $2 trillions by 2025 and could soar to over $13 trillions by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. The company's internal teams are actively exploring new tokenization strategies to consolidate its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink's shift in attitude towards digital assets marks the evolution of mainstream financial institutions' views on the sector. He once called Bitcoin a "money laundering index," but his stance is now completely different. In a recent interview, Fink admitted that his views have changed. He told CNBC: "I used to be a critic, but I am growing and learning." He now compares crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry status and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target share price to $1,486 in his report, emphasizing that its "grand vision of tokenizing all assets" is a key driving force. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown its assets under management to nearly $3 billions since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top management, company scale, broad business footprint, and client relationships, BlackRock is well-positioned to influence the future industry structure and to collaborate with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the digital wallet-native paradigm—currently, crypto assets, stablecoins, and tokenized assets worth over $4.5 trillions cannot access long-term investment products. BlackRock's goal is to replicate everything in today's traditional finance into digital wallets, so that investors never have to leave their digital wallets to build a long-term, high-quality portfolio that includes stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets towards more traditional assets and prepare them for future long-term retirement savings opportunities.
BlackRock CEO: Crypto Wallets Surpass $4 Trillion, "Asset Tokenization" Is the Next "Financial Revolution"
Original Title: "World's Largest Asset Management CEO: 'Crypto Wallets' Now Exceed $4 Trillion, 'Asset Tokenization' Is the Next 'Financial Revolution'" Original Author: Long Yue, Wallstreetcn Larry Fink, CEO of BlackRock, the world's largest asset management company, has positioned "asset tokenization" as the next revolution in financial markets, aiming to "put all traditional financial assets into digital wallets." On October 14, during the company's latest Q3 2025 earnings call, BlackRock not only announced a record-breaking $13.5 trillion in assets under management (AUM), but Fink also clearly outlined the company's key future direction. According to him, the total assets held in global digital wallets have reached approximately $4.1 trillion, representing a huge potential market. Fink's vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between traditional capital markets and a new generation of tech-savvy crypto investors. "This is the next wave of opportunity for BlackRock over the coming decades," Fink said in an interview with CNBC. This strategy has already seen initial validation through the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billion in assets in less than 450 days, making it the fastest-growing ETF in history. This forward-looking approach has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, noting that "tokenization of all assets" is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the $4 Trillion Digital Wallet Market The core of BlackRock's strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is valued at about $4.1 trillion. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded $4.5 trillion, and that these funds "currently do not have access to long-term investment products." According to Morgan Stanley's analysis, BlackRock's goal is to "replicate everything in today's traditional finance into digital wallets." By achieving this, BlackRock can introduce young investors accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, providing them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, such as in the real estate sector. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to bring new investors into mainstream financial products through digital means. Fink pointed out that although tokenization has huge potential, it is still in its early stages. He cited research from Mordor Intelligence, which predicts that the market size of tokenized assets will exceed $2 trillion by 2025 and could soar to over $13 trillion by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. Internal teams are actively exploring new tokenization strategies to solidify its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink's shift in attitude toward digital assets marks an evolution in how mainstream financial institutions view the sector. He once referred to bitcoin as a "money laundering index," but his stance has changed dramatically. In a recent interview, Fink admitted that his views have changed. He told CNBC, "I used to be a critic, but I am growing and learning." He now likens crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry position and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target share price to $1,486 in a report, emphasizing that its "grand vision of tokenizing all assets" is a key driver. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown to nearly $3 billion in assets under management since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top, company scale, broad business footprint, and client relationships, BlackRock is well-positioned to shape the future industry structure and collaborate with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the native digital wallet paradigm—currently, crypto assets, stablecoins, and tokenized assets valued at over $4.5 trillion cannot access long-term investment products. BlackRock's goal is to replicate everything in today's traditional finance into digital wallets, so that investors never need to leave their digital wallets to build a long-term, high-quality portfolio including stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets toward more traditional assets and prepare them for future long-term retirement savings opportunities.
A 175-year-old French bank issues its first stablecoin under new EU regulations
The development of this stablecoin will depend on the degree of acceptance by payment providers and investors, who are seeking a reliable euro-denominated alternative asset in the digital economy. Written by: Blockchain Knight French banking group ODDO BHF has launched the euro-backed stablecoin EUROD, a token that represents a compliant digital version of the euro under the European Union's new Markets in Crypto-Assets Regulation (MiCA) framework. This move by the 175-year-old bank highlights how traditional banks are gradually expanding into the regulated blockchain finance sector. ODDO BHF, which manages over 150 billions euros in assets, stated that EUROD will be listed on Madrid-based exchange Bit2Me. Bit2Me, supported by Telefónica, BBVA, and Unicaja, has completed registration with the Spanish National Securities Market Commission (CNMV) and is among the first exchanges to receive MiCA authorization, allowing it to expand its business across the EU. ODDO BHF has partnered with infrastructure provider Fireblocks to handle custody and settlement. EUROD is issued on the Polygon network to enable faster and lower-cost transactions. The token is fully backed by euro reserves and is subject to external audits. Bit2Me CEO Leif Ferreira stated that, as Europe embraces regulated digital assets, this listing "builds a bridge between traditional banking and blockchain infrastructure." The Markets in Crypto-Assets Regulation (MiCA), which came into effect this year, requires stablecoin issuers to maintain a 1:1 reserve and guarantee redeemability, while enforcing strict governance and transparency standards. The launch of EUROD will test MiCA's practical effectiveness in harmonizing digital asset regulation across the EU. European Central Bank (ECB) President Christine Lagarde recently warned that foreign stablecoins lacking "sound equivalent regulatory mechanisms" could trigger reserve runs in the eurozone. In a letter to the European Parliament, she urged lawmakers to restrict stablecoin issuance rights to EU-authorized entities, citing the collapse of TerraUSD as evidence of the risks posed by unregulated projects. According to CoinGecko data, the market capitalization of euro-pegged stablecoins has doubled this year, with Circle's EURC dominating the market and its market cap climbing to around 270 millions USD. Under the MiCA framework, demand for bank-issued stablecoins such as EUR CoinVertible by Société Générale remains relatively low. ECB advisor Jürgen Schaaf believes that Europe must accelerate innovation or risk "erosion of monetary sovereignty." The European Systemic Risk Board (ESRB) has warned that a multi-issuer model, in which EU and non-EU entities jointly issue the same stablecoin, could introduce systemic risks and requires enhanced regulation. Despite these warnings, the regulatory clarity brought by MiCA has spurred market competition: Société Générale's FORGE division has launched the euro stablecoin EURCV; Deutsche Börse has partnered with Circle to include EURC and USDC in its trading system. Nine European banks, including ING, CaixaBank, and Danske Bank, have formed the Dutch Alliance, planning to issue a MiCA-compliant euro stablecoin in 2026. Citigroup later joined the alliance, with the related stablecoin expected to launch in the second half of 2026. Meanwhile, ten G7 banks, including Citigroup and Deutsche Bank, are exploring the issuance of multi-currency stablecoins to modernize settlement processes and enhance global liquidity. Compared to the more than 160 billions USD in dollar-pegged stablecoins, the total market capitalization of euro-backed stablecoins remains small, at less than 574 millions USD. Regulators believe that, if managed transparently, euro-denominated digital assets will help strengthen financial sovereignty. For ODDO BHF, EUROD is a strategic move to attract institutional clients through compliance and credibility. The development of this stablecoin will depend on the degree of acceptance by payment providers and investors, who are seeking a reliable euro-denominated alternative asset in the digital economy.
BlackRock CEO: Crypto Wallets Hold Over $4 Trillion in Assets, 'Asset Tokenization' Is the Next Financial Revolution
原文标题：《全球最大资管 CEO：「加密钱包」规模已超 4 万亿美元，「资产代币化」是下一场「金融革命」》 原文作者：龙玥，华尔街见闻 全球最大资产管理公司贝莱德的首席执行官 Larry Fink 已将「资产代币化」定位为金融市场的下一场革命，目标「将所有传统金融资产装入数字钱包。」 10 月 14 日，在公司最新的 2025 年第三季度财报电话会议上，贝莱德不仅公布了其管理资产规模（AUM）达到创纪录的 13.5 万亿美元，Fink 更明确指出了公司未来的关键方向。据他透露，全球数字钱包中持有的资产规模已达到约 4.1 万亿美元，这是一个巨大的潜在市场。 Fink 阐述的愿景是，通过将交易所交易基金（ETF）等传统投资工具进行代币化，可以在传统资本市场与精通加密技术的新一代投资者之间架起一座桥梁。 「这是贝莱德未来几十年的下一波机遇，」Fink 在接受 CNBC 采访时表示。这一战略已通过其 iShares 比特币信托（IBIT）的成功得到初步验证，该产品在不到 450 天内资产规模突破 1000 亿美元，成为历史上增长最快的 ETF。 这一前瞻性布局迅速获得了华尔街的积极反馈。投资银行摩根士丹利在一份研究报告中重申了对贝莱德股票的「增持」评级并指出，「所有资产的代币化」是支撑其看好贝莱德前景的核心叙事之一。 瞄准 4 万亿美元的数字钱包市场 贝莱德的战略核心是触达目前游离于传统金融体系之外的庞大资金池。根据 Fink 的说法，这个数字钱包市场规模约为 4.1 万亿美元。 而摩根士丹利在 10 月 15 日发布的报告中估算，当前加密资产、稳定币和已代币化资产的总价值已超过 4.5 万亿美元，而这些资金「目前无法获得长期投资产品」。 据摩根士丹利的分析，贝莱德的目标是「将当今传统金融中的一切复制到数字钱包中」。 通过实现这一目标，贝莱德可以将习惯使用代币化资产的年轻投资者引入股票、债券等更多传统资产类别，并为他们提供长期的退休储蓄机会。 Fink 认为，代币化还能降低交易成本和中介费用，例如在房地产等领域。 资产代币化：金融的未来愿景 Fink 坚信，全球金融的下一次重大变革将来自传统资产的代币化，包括股票、债券和房地产等。他在接受采访时表示，公司将代币化视为通过数字手段将新投资者引入主流金融产品的机遇。 Fink 指出，尽管代币化潜力巨大，但目前仍处于早期发展阶段。他引用 Mordor Intelligence 的研究预测，2025 年代币化资产市场规模已超过 2 万亿美元，到 2030 年有望飙升至 13 万亿美元以上。 贝莱德已在为深入参与这一领域奠定基础。公司内部团队正积极探索新的代币化策略，以巩固其在数字资产管理领域的领导地位。 从比特币怀疑论者到区块链倡导者 Fink 对数字资产态度的转变，标志着主流金融机构对该领域看法的演进。他曾一度将比特币称为「洗钱指数」，但如今的立场已截然不同。 在最近的一次采访中，Fink 承认自己的看法已经改变。他对 CNBC 表示：「我以前是个批评者，但我在成长和学习。」 他现在将加密资产比作黄金，认为其可以作为一种另类投资，用于投资组合的多元化。 华尔街看好「代币化」增长前景 华尔街分析师认为，贝莱德凭借其行业地位和资源，完全有能力在代币化领域占据主导地位。 摩根士丹利分析师 Michael J. Cyprys 在报告中将贝莱德的目标股价上调至 1486 美元，并强调其「代币化所有资产的宏大愿景」是关键驱动力。 报告指出，贝莱德已经通过其代币化货币市场基金 BUIDL 进行试验，该基金自 2024 年 3 月推出以来，资产管理规模已增长至近 30 亿美元。 大摩认为，凭借从最高管理层开始的战略聚焦、公司规模、广泛的业务足迹和客户关系，贝莱德有能力影响未来的行业结构，并与领先的交易所和供应商合作，以执行和提供代币化的贝莱德产品。 贝莱德寻求将传统资产代币化，作为连接传统资本市场和数字资产的桥梁。代币化有潜力将传统资产带入数字钱包原生范式——目前价值超过 4.5 万亿美元的加密资产、稳定币和代币化资产无法接触到长期投资产品。 贝莱德的目标是将当今传统金融中的所有东西复制到数字钱包中，这样投资者永远不需要离开他们的数字钱包，就能构建一个包含股票、债券、加密货币、商品等在内的长期、高质量投资组合。 通过实现这一点，贝莱德可以将大量使用代币化资产的年轻投资者引向更传统的资产，并为他们未来的退休长期储蓄机会做好准备。
The CEO of the world's largest asset management firm: The scale of "crypto wallets" has exceeded $4 trillion, and "asset tokenization" is the next "financial revolution"
BlackRock has revealed its goal to introduce traditional investment products such as stocks and bonds into digital wallets, tapping into this ecosystem worth over 4 trillions USD. Written by: Long Yue Source: Wallstreetcn Larry Fink, CEO of the world’s largest asset management company BlackRock, has positioned “asset tokenization” as the next revolution in financial markets, with the goal of “putting all traditional financial assets into digital wallets.” On October 14, during the company’s latest Q3 2025 earnings call, BlackRock not only announced a record-breaking assets under management (AUM) of 13.5 trillions USD, but Fink also clearly outlined the company’s key future direction. According to him, the total assets held in global digital wallets have reached approximately 4.1 trillions USD, representing a huge potential market. Fink’s vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between traditional capital markets and a new generation of tech-savvy crypto investors. “This is the next wave of opportunity for BlackRock over the coming decades,” Fink said in an interview with CNBC. This strategy has already seen initial validation through the success of its iShares Bitcoin Trust (IBIT), which surpassed 100 billions USD in assets in less than 450 days, making it the fastest-growing ETF in history. This forward-looking strategy has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its “overweight” rating on BlackRock stock in a research report, noting that “the tokenization of all assets” is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the 4 Trillion USD Digital Wallet Market The core of BlackRock’s strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is worth about 4.1 trillions USD. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded 4.5 trillions USD, and that these funds “currently cannot access long-term investment products.” According to Morgan Stanley’s analysis, BlackRock’s goal is “to replicate everything in today’s traditional finance into digital wallets.” By achieving this, BlackRock can introduce young investors accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, and provide them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, for example in real estate and other sectors. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to use digital means to bring new investors into mainstream financial products. Fink pointed out that although the potential of tokenization is enormous, it is still in its early stages. He cited research from Mordor Intelligence predicting that the tokenized asset market will exceed 2 trillions USD by 2025 and could soar to over 13 trillions USD by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. The company’s internal teams are actively exploring new tokenization strategies to consolidate its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink’s shift in attitude toward digital assets marks an evolution in mainstream financial institutions’ views on the sector. He once referred to Bitcoin as the “money laundering index,” but his stance has now changed dramatically. In a recent interview, Fink admitted that his perspective has changed. He told CNBC, “I used to be a critic, but I am growing and learning.” He now compares crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry position and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock’s target share price to 1,486 USD in his report, emphasizing that its “grand vision of tokenizing all assets” is a key driving force. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown its assets under management to nearly 3 billions USD since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top management, company scale, broad business footprint, and client relationships, BlackRock is capable of influencing the future industry structure and collaborating with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the native paradigm of digital wallets—currently, crypto assets, stablecoins, and tokenized assets worth over 4.5 trillions USD cannot access long-term investment products. BlackRock’s goal is to replicate everything in today’s traditional finance into digital wallets, so that investors never need to leave their digital wallets to build a long-term, high-quality portfolio that includes stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets toward more traditional assets and prepare them for future long-term retirement savings opportunities.
First US Crypto Bank Gets the Green Light — Backed by Thiel, Luckey, and Lonsdale
The US Office of the Comptroller of the Currency has granted preliminary, conditional approval for Erebor Bank’s national charter, opening the door for a tech- and crypto-focused lender backed by Palmer Luckey, Joe Lonsdale, and Peter Thiel. The decision came just four months after Erebor’s application and followed Washington’s rollout of the GENIUS Act, which set new standards for stablecoin issuance. The bank plans digital-only operations from Columbus and New York, supported by $275 million in capital and a conservative risk framework. OCC Greenlights Erebor’s $275M Charter The Office of the Comptroller of the Currency (OCC), the federal agency overseeing national banks, granted Erebor preliminary and conditional authority to form a federally chartered bank on Wednesday. It is the first such approval under Comptroller Jonathan Gould since his July appointment, underscoring a shift toward a more innovation-friendly regulatory posture. This status lets founders raise deposits, hire staff, and build infrastructure while regulators vet their systems. Erebor must complete cybersecurity, capital, and anti-money-laundering audits before opening. “The OCC remains committed to a diverse banking system that supports responsible innovation,” Gould said in a statement. “Today’s decision is an early step, not the finish line.” The OCC granted preliminary conditional approval to Erebor Bank after thorough review of its application. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. — OCC (@USOCC) October 15, 2025 Once fully licensed, Erebor’s charter will permit lending, custody, and payments using digital-asset rails. Headquartered in Ohio with a secondary office in New York, Erebor will operate primarily through mobile and web platforms. Backers include Founders Fund, 8VC, and Haun Ventures—all active in crypto and fintech. Before launching, Erebor must also obtain Federal Deposit Insurance Corporation (FDIC) approval, which typically takes nine to ten months. Analysts note that dual OCC-FDIC oversight could set a new compliance bar for digital-asset banking. Silicon Valley Money and Trump-Era Links Erebor’s founding network is deeply intertwined with influential Silicon Valley and political figures. Co-founder Palmer Luckey, also the founder of defense-tech company Anduril, and Joe Lonsdale, co-founder of Palantir and head of 8VC, have been notable supporters of President Donald Trump and Vice President J.D. Vance. Both donated heavily to Republican campaigns during the 2024 election cycle. Another early backer, Peter Thiel, remains one of the most prominent conservative venture investors and an ally of the Trump family. Erebor’s formation aligns with the current administration’s efforts to loosen regulatory barriers for banks engaging in digital-asset activities. The company’s leadership, including CEO Owen Rapaport and President Mike Hagedorn, maintains operational independence from its politically connected investors. However, the presence of high-profile financiers such as Founders Fund, 8VC, and Haun Ventures has raised questions about the speed of regulatory approval. Critics argue the bank benefited from favorable access to federal agencies, while supporters claim the rapid process reflects Erebor’s strong compliance design and deep capital reserves. $312B Stablecoin Market Poised for Change The charter could reshape US crypto banking by linking insured-bank infrastructure with blockchain finance. Under the GENIUS Act, banks issuing stablecoins must maintain 100 percent reserves and publish monthly disclosures. The framework could accelerate institutional adoption and payments testing. If Erebor secures final licenses, it may compete with Anchorage Digital for stablecoin issuance and custody services. Its plans to lend against crypto or AI hardware could expand liquidity for miners, market makers, and infrastructure firms. Critics, however, warn of favoritism and potential risk concentration. Senator Elizabeth Warren called the approval a “risky venture.” Still, regulators portray the move as a measure toward integrating digital assets under strict supervision. Top 7 Stablecoins by Market Capitalization / Source: CoinGecko According to data from CoinMetrics, the stablecoin market has grown by nearly 18 percent in 2025, reaching a capitalization of roughly $312 billion. Analysts at Galaxy Research forecast that regulated banks could capture up to 25 percent of this market by late 2026 as compliance frameworks mature.
OCC grants preliminary approval to Erebor Bank, a Peter Thiel-backed startup focusing on crypto an AI
A national bank regulator has granted "preliminary conditional approval" for the venture capitalist Peter Thiel-backed Erebor Bank, which plans to serve the cryptocurrency and artificial intelligence sectors. The Office of the Comptroller of the Currency (OCC) granted approval on Wednesday. Comptroller of the Currency Jonathan Gould called Erebor the "first de novo bank to receive a preliminary conditional approval" since he started his role at the OCC in July. "Today’s decision is also proof that the OCC under my leadership does not impose blanket barriers to banks that want to engage in digital asset activities," Gould said in a statement. "Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner." Erebor is aiming to fill the gap of Silicon Valley Bank, a bank popular with startups and venture capitalists that collapsed in 2023. Erebor was founded in 2025 by Silicon Valley mainstays Palmer Luckey and Joe Lonsdale with backing from Thiel's firm Founders Fund and Haun Ventures, according to reporting from the Financial Times . Like other projects associated with Thiel, Erebor is named after a mountain in author J.R.R. Tolkien's book series "The Lord of the Rings." In its application , Erebor said it would be a national bank that would provide both traditional banking and crypto-related products and services. According to the Financial Times, citing an unnamed source close to Erebor, the bank's application did not receive " special treatment " from the Trump administration, despite Luckey, Lonsdale, and Thiel's longstanding ties to the president. "The target market for the Bank comprises businesses that are part of the United States innovation economy, in particular technology companies focused on virtual currencies, artificial intelligence, defense, and manufacturing, as well as payment service providers, investment funds and trading firms (including registered investment advisers, broker dealers, proprietary trading firms, and futures commission merchants)," according to the application. Erebor also said it would hold certain cryptocurrencies on its balance sheet. The main office will be in Columbus, Ohio with another office in New York City. Over the past year under the Trump administration, regulatory agencies, including the OCC, have shifted their stance toward crypto. The Federal Reserve has since withdrawn guidance that previously discouraged banks from participating in crypto. The central bank has also, along with the OCC, released a joint statement last month setting out how existing rules apply to banks holding crypto on customers' behalf, among other moves.
A victory for retail investors! Wall Street short sellers suffer their worst performance in five years and are forced to "surrender"
Traders shorting US stocks are blaming their worst annual returns in five years on blindly following retail investors. According to calculations by data analytics firm S3 Partners, a portfolio composed of the 250 most popular US stocks among short sellers has surged 57% this year, causing heavy losses for traders betting on these stocks to fall. This marks the best performance since 2020, when the portfolio soared 85%. Bitcoin miner Terawulf and car rental company Hertz, which went bankrupt in 2021, have seen their share prices soar by 155% and 50% respectively this year, with both companies having over 40% of their shares borrowed for short selling. Short sellers typically borrow stocks and sell them, then wait for the price to drop before buying them back to profit. Before this wave of “junk stock” rebounds, the hype around artificial intelligence and hopes for interest rate cuts had pushed the S&P 500 Index to a series of record highs. Fueled by a massive influx of retail capital, this upward surge has inflicted heavy losses on short sellers, who have been squeezed out of the market and forced to close their positions. Carson Block, founder of the well-known short-selling firm Muddy Waters, said in an interview: “The current bull market cycle has become so long and the pullbacks so short that the demand for traditional short selling has all but disappeared.” He added that nowadays, active short selling—researching companies and publishing reports—is the only way to consistently make money by shorting stocks. Block said: “Just like every pullback now, the emergence of risk is really just another ‘buy the f**king dip’ (BTFD) opportunity.” Famous short sellers, including Nate Anderson of Hindenburg Research and Jim Chanos, who shorted Enron before its collapse in 2001, have all “laid down their arms” in recent years. This is partly due to the growth of passive investment funds, which indiscriminately buy entire indexes, driving the US stock market relentlessly higher. “This year has been really, really tough,” said Anne Stevenson-Yang, co-founder of active short-selling and long-term research firm J Capital Research. “Since 2020, we’ve all been waiting for the market to become more rational, but it hasn’t—it just keeps going up, up, and up.” She added, “Retail investors are more inclined to go with the flow, whether or not the wave makes sense.” Few companies better illustrate the plight of short sellers than AppLovin. Despite multiple short reports accusing the $200 billion advertising group of exaggerating its AI capabilities, its share price has still risen 65% this year. AppLovin has strongly denied allegations of financial and accounting misconduct, calling the reports “baseless” and “full of inaccurate and false assertions.” A senior investor at a mid-sized US short-selling firm said: “‘Junk stocks’ have performed so well this year that it’s basically impossible for anyone fishing in this ‘pond’ to succeed.” They added that, for companies accused of misconduct, “consequences have all but disappeared,” citing the example of Trevor Milton, founder of electric truck maker Nikola, who was pardoned by Trump after being convicted in 2022 of lying to investors. This week, Milton announced his “comeback” through aircraft manufacturer SyberJet, saying he would “transform aviation just as I transformed transportation.” The founder of a US active short-selling firm commented: “In the past, you might encounter a lot of bubbles, and those would create opportunities. But now, this frenzy is appearing in multiple corners of the market. For example, cryptocurrencies, nuclear energy, quantum technology, and any bubble related to artificial intelligence or data centers. For short sellers, there’s almost nowhere to hide.”
Dormant Bitcoin Wallets Move $3.93B as Profit-Taking Sparks $620M Crypto Liquidations
Key Notes Wallets inactive for 3-5 years transferred 32,322 BTC worth $3.9 billion, marking the year's largest dormant movement. The selloff triggered $620 million in crypto liquidations, with 74% coming from long positions across the market. Bulls reduced liquidation losses from 74% to 55% within hours, signaling potential stabilization around $120,000 support. Bitcoin BTC $122 394 24h volatility: 1.6% Market cap: $2.44 T Vol. 24h: $80.06 B price touched new all-time highs above $126,192 on Monday, October 6, before retreating 4% toward $120,000 amid intense profit-taking on Tuesday. On-chain data shows the pullback coincided with unusual activity from dormant wallets, while derivatives indicators point to early rebound prospects. As Bitcoin corrected 4% on Tuesday, J. Martin, an analyst at CryptoQuant, alerted his 42,700 followers to on-chain data showing long-term holders taking profits at the top. JUST NOW 🚨 32,322 BTC (~$3.93B) just moved on-chain from wallets that were dormant for 3 – 5 years. 👉 This is the largest 3y – 5y Bitcoin movement of 2025 so far. pic.twitter.com/9vVbAdcrdA — Maartunn (@JA_Maartun) October 7, 2025 According to Martin, wallets inactive for 3 to 5 years were spotted moving 32,322 BTC, worth roughly $3.9 billion, the largest single-day transfer from dormant wallets for the year. Such a spike in long-term wallet activity introduces short-term bearish pressure. First, reintroducing such large volumes of long-held Bitcoin within a short period dilutes circulating supply and amplifies sell-side pressure. Second, it spooks new entrants, who may delay purchases to avoid haircut impact from active long-term holder sell-offs. Bulls Aim for Early Rebound as Crypto Liquidations Top $620M Historical trends show that large dormant movements near Bitcoin bull cycle tops. However, active demand among crypto ETFs and corporate treasury firms could see the dormant BTC supply absorbed by buyers during the correction phase. Bitcoin’s 4% correction amid the $3.9 billion long-term holder sell-off triggered widespread volatility across crypto markets, causing $620 million in total liquidations, according to Coinglass data . The $454.87 million leveraged long positions closed accounted for 74% of the losses, while shorts saw $165.44 million wiped out. Related article: US Dollar Collapsing, Investors Prefer Bitcoin, Gold, Silver Instead, Says Citadel Executive However, derivatives data suggests bulls are beginning to counteract the selling momentum. Over shorter timeframes, liquidation ratios show a narrowing gap between long and short positions. Crypto bulls cut loss-incidence from 74% to 55% | Coinglass, October 7, 2025 At the time of this report, total liquidation within the past hour totaled $12.42M with $6.28M long and $6.15M in shorts, with bulls cutting the 74% loss incidence to 55%. The progressive reduction in long-liquidation dominance signals that bulls are regaining balance, counteracting the downward price action with covering positions, as Bitcoin stabilizes around the $120,000 support zone. On Tuesday, US JP Morgan Chase CEO Jamie Dimon also declared that a US government shutdown is unlikely to impact financial markets. Blackrock’s record-setting ETF inflows and Strategy reaffirming long-term buying commitment following $3.9 billion Q3 profits could reignite investor confidence in Bitcoin’s price discovery. A rebound from $120,000 could spark a $130,000 breakout attempt as markets anticipate another US Fed rate cut decision. next
What $110K gap? Bitcoin futures are ‘aggressively long’ as whales return
Key points: Bitcoin futures buy volume indicates that traders are becoming increasingly long-term bullish on BTC this month. The $110,000 “gap” in CME Group’s Bitcoin futures remains unfilled. Bitcoin ETF options experience a spike in popularity as IBIT open interest nears $40 billion. Bitcoin ( BTC ) derivatives traders are flipping “aggressively long” as price squeezes closer to all-time highs. In a new analysis released on X Friday, J. A. Maartunn, a contributor to the onchain analytics platform CryptoQuant, revealed a significant shift in Bitcoin futures in October. Bitcoin futures buy volume surges in October Bitcoin futures markets are undergoing a transformation in sentiment as October gets underway. As Maartunn showed, net buy volume has surged, and is now outpacing net sell volume by $1.8 billion. “Futures buyers are stepping up,” he commented alongside a CryptoQuant chart of net taker volumes on the largest crypto exchange, Binance. Bitcoin net taker volume (Binance). Source: Maartunn/X The post was a response to observations by CryptoQuant CEO Ki Young Ju, who noted that Bitcoin’s latest local highs came on the back of sustained buy momentum among derivative-market whales. “A clear sign of aggressive long positioning,” Maartunn added. Just days ago, futures markets were hitting the headlines for the opposite reason. A weekend “gap” left in CME Group’s Bitcoin futures had become a new short-term BTC price correction target for traders, lying just above $110,000, per data from Cointelegraph Markets Pro and TradingView . CME Group Bitcoin futures one-hour chart with gap highlighted. Source: Cointelegraph/TradingView Despite gaps being filled within weeks or days in recent months, sellers failed to initiate a deep enough retracement this week. As Cointelegraph reported , plans are afoot at CME to make Bitcoin futures trade around the clock, removing the “gap” phenomenon. Bloomberg analyst: Bitcoin ETFs are “no joke” The US spot Bitcoin exchange-traded funds (ETFs), meanwhile, took in more than $600 million during Thursday’s Wall Street trading session. Related: Bitcoin’s next stop could be $125K: Here’s why US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors With the week’s total at $2.25 billion at the time of writing, ETF data continued to surprise. In an X post Friday, James Check, creator of onchain data resource Checkonchain, flagged surging growth in options on the largest spot ETF, BlackRock’s iShares Bitcoin Trust (IBIT). “The growth of IBIT options is the least discussed, but most significant markets structure shift for Bitcoin since the ETFs themselves,” he argued. “Not only did IBIT surpass Deribit, but Options are now larger then futures by open interest.” Bitcoin options open interest dominance. Source: James Check/X Eric Balchunas, a dedicated ETF analyst for Bloomberg, initially reported on IBIT surpassing Coinbase’s Deribit, with the former’s open interest now at $38 billion. “I told y’all ETFs are no joke.. Fat crypto margins in trouble,” he concluded. IBIT vs Deribit Bitcoin options open interest. Source: Eric Balchunas/X
Tokenized markets risk collapse without multichain infrastructure | Opinion
It’s safe to say the rush to tokenize trillions of dollars in real-world assets is on. BlackRock, the world’s largest asset manager, pushes further into tokenized funds after its BUIDL fund surpassed $2 billion. Nasdaq has filed with the SEC to begin trading tokenized securities. Meanwhile, companies like Stripe and Robinhood are building their own blockchain solutions. Summary The debate is no longer if capital markets move on-chain, but how — and flawed infrastructure could derail tokenization’s promise. With 50+ L2s and reliance on fragile bridges, liquidity is scattered, hacks are rising, and users face a fractured market experience. Private blockchains cut off liquidity and rebuild silos, echoing centralized risks like the Robinhood/GameStop saga. A horizontally scaled, natively interoperable system can unify liquidity, enable regulatory oversight, and provide the trust, efficiency, and transparency global markets need. The question is no longer if capital markets will move on-chain, but how. And the answer will determine whether tokenization revolutionizes global finance — or collapses into a broken, inefficient system. This “infrastructure debate” is not a technical footnote. It’s the central challenge that will define the future of on-chain finance. If we get it wrong, the promise of tokenization could collapse under its own weight. You might also like: Building the future of tokenized finance: What will it take? | Opinion The coming split in on-chain finance Although promising, new dominant approaches to building financial plumbing are dangerously unstable and flawed. Sure, Ethereum’s (ETH) Layer-2 and Layer-3 roadmaps are innovative. But they’re examples of getting in step with technological progress, while simultaneously, they leave behind a patchwork of disconnected systems. With over 50 L2s already out there, liquidity is becoming scattered across isolated ecosystems. The problem is that hackers love environments where movements between ecosystems rely on fragile bridges: over $700 million was lost to bridge exploits last year alone. This leaves each L2 responsible for building its own services, eroding the promise of smooth interoperability and giving users a fractured experience. On the other hand, enterprise-built “walled-garden” blockchains introduce a different but equally serious problem. These private networks may offer privacy, but they cut enterprises off from the wider crypto economy. Liquidity and users are driven elsewhere, and the silos that tokenization was meant to dismantle get rebuilt. History has shown the dangers of centralized control. The GameStop saga, where Robinhood froze trading, demonstrated how a single entity can cut off access to markets. It all points to tokenized assets framed in closed systems, which can undermine the whole purpose of open markets. That’s the problem that enterprise chains risk reviving. A multichain foundation for global markets So, is multichain infrastructure built on horizontal scaling and native interoperability a better path? First and foremost, instead of piling on layers or erecting walls, this method connects parallel blockchains so they can share security and finality without the need for brittle bridges. Adding more chains is similar to adding more lanes to a highway and basically translates to boosting capacity in order to handle the speed and scale institutions require. Most importantly, the need for centralized mediums can be eliminated through native interoperability, and data and assets would be enabled to move effortlessly across chains. That way, liquidity is shared, not trapped, creating a modular environment for markets to explore. This means enterprises can launch sovereign, high-performance blockchains and still keep access to the broader ecosystem. For markets, on the other hand, it provides a neutral, trusted, and scalable bedrock. New architectures are already proving this in action. They’re creating a unified liquidity pool while enabling specialized applications. The stakes: Trust, liquidity, and regulation Complex tokenized markets simply cannot function with silos-trapped liquidity. Put simply, the core value of turning an asset into a token is to make it more liquid and accessible, but a disjointed ecosystem contradicts that purpose. Hypothetically, an investor holds a tokenized security on one L2. Now, if they can’t “communicate” and trade with a buyer on another, the market simply falls short on efficiency. Fragmented ecosystems of L2s and enterprise silos can’t withstand large trades that ask for deep, unified liquidity pools. They can’t avoid slippage. Moreover, trust is also on the line. A transparent and connected base layer gives regulators what they need, and that’s clear audits with full tracking of provenance across the ecosystem. In last year’s survey from the World Economic Forum, 79% of participants highlighted clear regulations as the top requirement for adopting on-chain cash. Let’s be honest, it’s not realistic to expect regulators to monitor multiple isolated networks. Therefore, a multichain foundation offers a clearer view of market activity, and risks become easier to detect and reduce. It all comes to this: connectivity is essential for trust, adoption, and scale. Connectivity, not control Global finance is at a crossroads as real-world assets move on-chain. Trillions of dollars in value could be made more efficient, liquid, and transparent. However, here comes the “if.” If we keep building the bunkers of yesterday under the cozy blanket of innovation, what will the future look like? Of course, short-term fixes might be offered through splintered L2s and closed-off enterprise chains. But they will most likely fracture markets, stall adoption, and undermine the promise of tokenization. Tokenization won’t succeed if it’s built on silos. The future of global markets depends on connectivity, not control. Read more: 2025 will make tokenized real-world assets mainstream | Opinion C.J Freeman C.J Freeman is a developer, published author, and active KoL on Crypto X. He is well-known in the Web3 space not just for his Solidity expertise, but for championing crypto assets in the information age. Before joining Kadena, C.J has co-led startups, worked within LSTs, DAOS, and Oracle networks. Throughout, he has contributed to projects at both the technical and strategic levels. Now, at Kadena as Developer Relations, C.J focuses on growing and supporting a vibrant developer community through tooling, content, and events. He has established himself as a crucial link between developers and internal teams, turning feedback into real product improvements.
Ju.com Unveils the Next Stage of its Ecosystem at TOKEN2049 Singapore with JuPay and Point. Click. Trade.
TOKEN2049 Singapore officially concluded on October 2. As a Platinum Sponsor, Ju.com showcased its rebrand and product rhythm across the exhibition floor, side events, and media activities. In her keynote speech, CEO and Co-Founder Sammi Li outlined the platform’s ecosystem expansion, the RWA liquidity framework of xBrokers, the JuPay financial ecosystem, and the core belief that “asset ownership is a digital human right.” On-site Engagement and Community Interaction The Ju.com booth attracted a constant stream of visitors, remaining one of the busiest spots at the venue. Visitors participated in the interactive “LOOK! Point. Click. Trade.” game and collected exclusive merchandise, including JU IP T-shirts and the Singapore-inspired “Merlion JU Bag.” The booth design adopted Ju.com’s upgraded orange-and-black color scheme with the distinctive “J” symbol at its core. During the conference, Ju.com collaborated with multiple ecosystem partners for joint promotions and hosted pre-event campaigns and prize draws. The official afterparty, “JuVibe: I’Mpossible Night,” brought together Web3 builders, investors, and community members from around the world. CEO Sammi’s Keynote Highlights Ju.com CEO Sammi Li opened her keynote with the visual logic behind the brand upgrade. On the screen, the word “Impossible” instantly shifted to “I’m Possible” as the orange “J” slid into place, creating a clear and immediate transformation. She explained that first-time users should no longer be discouraged by the hurdles of seed phrases, cross-chain transfers, or transaction fees. The essence of Ju.com’s brand upgrade is to make every interaction signal “this can be done.” The platform’s product philosophy is distilled into three simple steps: Point to the target asset, Click to initiate without an external wallet or seed phrase, and Trade with routing and settlement completed seamlessly in the background. A live demo showed how fiat deposits could flow frictionlessly into crypto and return to the trading screen within seconds. As of September 2025, Ju.com has grown to more than 50 million users worldwide, spanning over 100 countries, with daily trading volume around $5 billion. Its ecosystem now includes JuChain (L1 blockchain infrastructure), xBrokers (RWA liquidity network), JuCard (seamless payment solution), JuPay (PayFi infrastructure), and Ju.com Labs (venture & incubation). The JU token, launched earlier this year at $0.10, has risen above $7. The JuPay Ecosystem: A Complete Loop from Trading to Dailyf Life In her speech, Sammi devoted considerable time to explaining JuPay’s core position as Ju.com’s infrastructure foundation. She described JuPay as “the bridge connecting Web3 assets to Web2 life,” built through several key modules. JuCard: Global Spending with Lowest Fees JuCard covers 200+ countries and regions through the Visa/MasterCard network, charging only 0.6% in fees, far below traditional cross-border payment costs of 3-5%. Users can generate a digital card in one minute through an efficient KYC process, ready to use immediately. The built-in real-time exchange rate engine automatically handles instant conversion between crypto and fiat. When users pay with crypto like USDT, BTC, and JU, the system converts it to the merchant’s accepted fiat currency at real-time rates, with the entire process handled in the background. JuChain ensures settlement security and asset custody transparency, with all payment records verifiable on-chain. Fiat On-Ramp & Global Remittance: Bridging the Last Mile of Fund Flow JuPay’s fiat on-ramp module enables unrestricted global access. Sammi emphasized, “Through deep partnerships with third-party payment platforms like Simplex and Moonpay, users can quickly deposit using major fiat currencies like USD and EUR, completing the entire journey from wanting to trade to executing the first trade within minutes.” JuPay’s global remittance function redefines cross-border transfers. Settled on blockchain, funds arrive in real-time with fees far below traditional wire transfers that take 3-5 business days and involve multiple intermediary fees. Recipients can choose to receive cryptocurrency or convert directly to local fiat, meeting different scenario needs. QR Code Payment & Merchant System: Seamless Bridge from Web3 to Web2 JuPay’s QR code payment brings crypto assets into everyday life. Users scan a QR code through the mobile app, enter the amount and confirm. The flow is identical to Alipay or WeChat Pay, but cryptocurrency settles in the background. Merchants receive fiat settlement, users pay in USDT or BTC, and all complex conversions are absorbed by JuPay’s infrastructure. The merchant side provides a complete point-of-sale and backend solution with one-click onboarding, no complex technical integration required. The merchant backend supports order management, transaction statistics, refund processing, and API integration, meeting different commercial scenario needs. Sammi stated, “Whether you’re a street corner shop or a chain brand, you can complete deployment within hours and start accepting cryptocurrency payments.” JuLife: Integrating Crypto Assets into Daily Living The final piece of the JuPay ecosystem is JuLife, deeply integrating crypto assets with daily life services. Coverage includes mobile top-ups, hotel and flight bookings, retail shopping, online shopping, and gaming consumption. Sammi said, “JuLife’s logic is simple: if your assets are all on-chain, why constantly convert to fiat just to spend? We bring the spending scenarios directly to you.” Strategic Significance of JuPay: The World’s First Borderless Financial Lifestyle Loop Sammi concluded, “Many payment solutions only handle one segment, maybe cards, maybe remittance, maybe QR codes, but users need the complete experience: deposit, trade, spend, transfer, book services. JuPay is the world’s first to connect all these segments, achieving the lowest fees, fastest speeds, and widest coverage at every stage.” She continued, “More importantly, JuPay doesn’t exist in isolation. It’s deeply integrated with Ju.com’s trading platform, JuChain’s high-performance public chain, and xBrokers’ RWA liquidity network. Within this ecosystem, users can trade, invest, pay, and live, seamlessly switching between functions. This is the complete fusion of digital assets with daily life.” Sammi also highlighted xBrokers and its “Triple Flywheel Model.” Within a strict KYC/AML framework, retail investors can now participate in Hong Kong private placements once reserved only for institutions. Subscribed shares are automatically staked to ease immediate sell pressure, with rules transparent on-chain. Licensed brokers hold custody of the real equities, which are traded directly on Ju.com with both fiat and stablecoin ramps integrated. In addition, staked shares generate $X rewards and coupon incentives on a scheduled basis, with every activity verifiable on-chain. She emphasized that this model brings three important changes. For investors, potential returns combine subscription discounts, dividends, staking yields, and share performance, with outcomes depending on market conditions and holding periods. For companies, financing and secondary market support form a loop, turning placements from one-off events into a mechanism for sustained liquidity. For regulators, every participant passes KYC/AML, custody and settlement are handled through licensed institutions, and all fund and incentive flows remain transparent and auditable. “Static holdings are transformed into active contributors,” Sammi concluded. “Liquidity begins to function as a system.” On compliance, Ju.com holds multiple licenses, including a U.S. MSB registration, a Thailand exchange license, and a stablecoin permit, and is advancing license applications with Dubai’s VARA and the EU’s MiCA framework. The team numbers more than 500 professionals across 30+ countries, combining global standards with local adaptation. As friction falls, user journeys accelerate, from first attempts, to success, to deeper exploration. Looking ahead, Sammi said blockchain should fade into the background like electricity: users should see only clean interfaces and predictable outcomes. The U.S. and Hong Kong Stock Zones, together with the Early Bird Subscription Zone, are positioned as gateways to mainstream adoption, with complexity absorbed by the system and decisions executed through familiar steps. In closing, Sammi underscored Ju.com’s core value: “Asset ownership is a digital human right. We are building the Sovereign Asset Exchange on two pillars: Dynamic Custody, enabling assets to move freely between self-custody and the exchange, and Modular Access, which unifies product capabilities under a single entry point. Sovereignty is the foundation of market trust, and this framework is designed to become the constitutional standard for digital trading.” JuVibe: I’Mpossible Night On the evening of October 2, Zouk Singapore transformed into an orange-and-black immersive space. The JuVibe: I’Mpossible Night afterparty drew thousands of Web3 professionals, investors, and community members, making it one of the most talked-about side events of TOKEN2049. The event featured a 360° LED wall and dynamic stage design built around the “J” symbol and the theme of “Rewrite Impossible.” Co-hosted by four title sponsors: JuChain, xBrokers, Alibaba Cloud, and Butterfly, the party combined brand showcases, live DJ performances, prize draws, and immersive visuals. Each sponsor presented updates: JuChain on its secure L1 architecture, xBrokers on the rollout of the Early Bird Subscription Zone, and Alibaba Cloud and Butterfly on infrastructure and ecosystem collaboration. From Expo to Emotion Across the exhibition, the keynote, and the afterparty, Ju.com’s rebrand landed on every level: visual, product, and emotional. Visitors experienced “Point. Click. Trade.” in interactive games, understood the RWA liquidity framework through Sammi’s keynote, and carried the story into collective memory at JuVibe. As attendees left, some discussed the mechanics of xBrokers and JuPay, others explored JuChain’s architecture, while many shared photos of exclusive JU merchandise. The message was clear: when complexity disappears, participation rises, trust deepens, and adoption expands. Sammi closed her keynote with a simple promise: “On Ju.com, users don’t see complexity. They see clarity, speed, and control. Point. Click. Trade. brings the impossible into everyday reach. With Ju.com, every trade is just one click away
JPMorgan Chase Strategist Says Stocks Primed for More Upside Due to These ‘Powerful Tailwinds’
J.P. Morgan Wealth Management’s head of investment strategy thinks the stock market has more room to grow. Elyse Ausenbaugh says in a new interview with CNBC that AI investment is a powerful tailwind. The investment strategist predicts the Federal Reserve’s easing and corporate profits will both play a role in equity prices going forward. “We can’t discount the value of the Fed rate-cutting cycle. We’ve been implementing our so-called Fed rate-cutting playbook, and we expect that to play out, absent a recession, going forward. When you look at things like corporate profit margins still around the highest levels that they’ve been throughout this cycle, when you think about all of the investment that’s being funneled into infrastructure supporting artificial intelligence and the way that that’s filtering through sectors, and when you look through and kind of think about all of the uncertainty that’s finally starting to dissipate as it relates to things like tariff policy, we think that there is a path ahead to keep valuations supported but also continue to fuel earnings growth.” Ausenbaugh says her firm is watching the jobs outlook closely, though she notes they are characterizing the labor market as “bending but not breaking.” She acknowledges the substantial slowdown in hiring but predicts there won’t be “a meaningful rise” in layoffs. “To seed that, usually throughout history it would require a meaningful deterioration of corporate profit margins, and with this momentum that we have going, we think that they can stay fairly well supported.” Generated Image: Midjourney
Crypto regulators finally decide to play nice, but don’t get too comfortable
Once upon a time, the Commodity Futures Trading Commission and the Securities and Exchange Commission fought like cats in a sack over who owned which crypto patch. Fast forward to today, and CFTC’s acting boss, Caroline Pham, drops the mic: “The turf war is over.” That’s right, guys, the regulatory showdown that’s held crypto hostage for years is apparently kaput. Regulatory clarity The battle lines were clear. CFTC said most of the crypto market fits their commodities clubhouse, per former Chair Rostin Behnam. Meanwhile, ex-SEC Chair Gary Gensler insisted those cryptos were securities, fiercely waving their own regulatory flag. This standoff left traders and projects caught in a bureaucratic limbo, desperately trying to figure out which regulator to kiss up to. Have you heard about the regulatory clarity, and the lack of it? This was that. Enter the latest roundtable, hosted by the CFTC and SEC themselves, like bringing frenemies to therapy. Pham admitted the lanes they’re supposed to patrol can get unclear or unintuitive, causing unnecessary friction and giving market players more headaches than a hangover. Translation, the regulators spent too much time squabbling, and not enough time working together. Harmonization In the hallowed halls of Washington, lawmakers are cooking up the Clarity Act, a bill that could slap broader authority on the CFTC to oversee crypto assets across the board. This could finally settle the “who’s boss” debate once and for all, setting clearer boundaries in the crypto industry. Don’t expect a full regulatory marriage, though. SEC Chair Paul Atkins crushed the juicy gossip about an SEC-CFTC merge, calling it fanciful talk that risks distracting from the monumental opportunity ready to be seized. Harmonization, not a government shake-up, is the mantra of the day. Clear the fog The joint roundtable brought the heavy hitters to the table. Executives from Kraken, Robinhood, J.P. Morgan, Kalshi, and even Bank of America chimed in, showing this isn’t just a D.C. soap opera, it’s a high-stakes game shaping the future of crypto regulation and innovation. So here’s the moral of the story, the regulators are done playing territorial games for now, focusing instead on a shaky but deliberate truce to keep the crypto engine humming. With trillions in crypto assets on the line and lawmakers drafting legislation to clear the fog, the peace treaty might just ignite a new era of crypto clarity, or at least keep the headaches from multiplying. Written by András Mészáros Cryptocurrency and Web3 expert, founder of Kriptoworld LinkedIn | X (Twitter) | More articles With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
Forbes: The Future of Wall Street Finance—Can Ethereum Hold Up?
Original Title: The Race To Rewire Wall Street: Is Ethereum The Safest Bet? Original Author: Jón Helgi Egilsson, Forbes Translated by: TechFlow Ethereum co-founder Vitalik Buterin, together with his foundation, Electric Capital, and Paradigm, is backing Etherealize with a $40 million launch—this startup has a single mission: to reinvent Wall Street on top of Ethereum. Every day, Wall Street’s financial system processes trillions of dollars in capital flows—many of which still run on systems built decades ago. Mortgage and bond trades can take days to settle. Intermediaries add layers of cost, tie up capital, and amplify risk. For the world’s largest banks and asset managers, choosing the wrong technology infrastructure could lock in a new generation of inefficiency. Blockchain technology could change this. But the question is, which blockchain is the best choice? Critics argue that Ethereum is slow and expensive, while competitors claim higher throughput. Additionally, fintech giants are even building their own blockchains. However, Etherealize co-founder and president, and core architect of Ethereum’s evolution, Danny Ryan, who led the historic Proof-of-Stake “Merge” project, insists that Ethereum’s security, neutrality, and cryptographic privacy make it uniquely suited to bear the weight of global finance. Yes, Wall Street needs to be reinvented—Ryan believes Ethereum is the only blockchain that can do it. Ryan has worked at the Ethereum Foundation for nearly a decade, closely collaborating with Vitalik Buterin and shaping the protocol at its most critical turning points. Now, with Etherealize having secured $40 million in investment from Paradigm, Electric Capital, and the Ethereum Foundation, as well as initial funding from the Ethereum Foundation, he is convinced that Ethereum is ready for the Wall Street market. Ryan’s answers—frank, precise, and somewhat surprising—go far beyond crypto hype, but he also details why Ethereum may be the safest choice for reinventing the financial system. Etherealize co-founder and president Danny Ryan believes Ethereum is the only blockchain with the security and neutrality to reinvent Wall Street. Security Is a Scarce Resource I started with an obvious question: Given Ethereum’s congestion and high fees, why would Wall Street trust it? Ryan didn’t hesitate: “Crypto-economic security is a scarce resource.” In Proof-of-Stake systems, validators must lock up capital, making attacks prohibitively expensive. Today, Ethereum has over one million validators and nearly $100 billion in staked value. “You can’t achieve that overnight,” he added. In contrast, newer blockchains can create faster networks but often rely on a handful of institutional backers. “That looks more like a consortium model,” Ryan explained. “You trust the companies, contracts, and legal recourse involved. That’s a different kind of security guarantee. It’s not the same as maintaining a neutral global network involving tens of billions of dollars.” The data backs him up. According to Etherealize’s latest research, Ethereum secures over 70% of stablecoin value and 85% of tokenized real-world assets. If security at scale is critical, Ethereum clearly has the edge. The Ethereum network has over one million validators and over $120 billion in staked value, making it the most secure blockchain—a “scarce resource” for institutions managing counterparty risk. (getty) Privacy: Promises and Mathematics Privacy is another key issue. No bank would put client transactions on a fully public ledger. Is this why projects like Canton, backed by major financial institutions, are getting attention? Ryan’s answer is sharp. “Canton relies on an honesty assumption—trusting that counterparties will delete sensitive data. That’s a sleight-of-hand approach to privacy. With cryptography, you can fundamentally solve the privacy problem.” He’s referring to zero-knowledge proofs (ZKP), a field of cryptography developed long before blockchains but now deployed at scale on Ethereum. ZKPs have become the backbone of “rollups,” a technology that compresses thousands of transactions and settles them on Ethereum. The same technology is expanding into privacy: enabling selective disclosure, allowing regulators to verify compliance without exposing all transaction details to the market. “You solve privacy with mathematics,” Ryan added—a phrase that feels like a guiding principle for how Ethereum meets institutional requirements. Institutional finance requires confidentiality. Ethereum’s zero-knowledge tools are designed to guarantee privacy through cryptography, not intermediaries. (getty) Modularity: Institutions Control Their Own Infrastructure I pressed him on Ethereum’s architecture. Compared to Stripe and Circle now trying to build streamlined blockchains from scratch, does Ethereum’s architecture seem overly complex? Ryan countered that the seemingly complex architecture is actually an advantage. “Institutions like the L2 model,” he explained. “It allows them to customize infrastructure while inheriting Ethereum’s security, neutrality, and liquidity. They can control their own infrastructure while still tapping into global network effects.” He pointed out that Coinbase’s Base network is a proof of concept. Built on Ethereum’s L2, Base generated nearly $100 million in sequencer revenue in its first year, demonstrating both economic viability and institutional scale. For Ryan, modularity isn’t a technical detail—it’s a blueprint for how institutions can build their own blockchain infrastructure without losing the benefits of a shared network. Ethereum’s scaling strategy combines rollups with data availability sampling—a path aiming for over 100,000 TPS without sacrificing security. (getty) Neutrality and Throughput What about speed? Solana and other competitors claim to process thousands of transactions per second. Isn’t that more practical for global finance than Ethereum’s relatively limited throughput? Ryan reframed the question. “When financial institutions consider blockchains, they’re not just asking ‘How fast is it?’ They’re also asking: Can this system execute correctly and stay online, and who do I have to trust? On Ethereum, the answer is: you don’t have to trust anyone.” This is what he calls “credible neutrality”—the guarantee that the underlying protocol doesn’t favor insiders. Ethereum hasn’t had a single day of downtime since 2015—a record that the financial system should recognize. As for scalability, Ryan referenced the roadmap laid out by Ethereum co-founder and chief architect Vitalik Buterin. He emphasized that the key is capacity coming from the aggregation of many L2s running on Ethereum, not a single chain. Today, this already means the entire system can process tens of thousands of transactions per second—and with upcoming upgrades like data availability sampling, Ryan says total throughput could break 100,000 TPS within just a few years. “Scalability is here—and without sacrificing trust,” he said. As Wall Street’s financial rails are modernized, the real question is which blockchain can meet institutions’ needs for scale, security, and privacy. (SOPA Images/LightRocket via Getty Images) The Bigger Picture Ryan doesn’t claim Ethereum is perfect. His point is that only Ethereum combines the security, privacy, modularity, and neutrality that institutions truly care about. Stripe, Circle, and others may try their own blockchains. But Ryan insists they’ll ultimately face a harsh reality: “Most companies will need to reconnect to Ethereum. Because security isn’t free—it’s a scarce resource.” For Wall Street, this may be a decision point: build on the island of proprietary systems, or connect to a neutral global network that has proven its resilience for a decade? Ethereum’s underlying architecture may not be the fastest blockchain yet, but for Wall Street, it may be the safest choice—a rapidly scaling architecture that guarantees privacy through mathematics, not promises that institutions might break.
Forbes: Reshaping Wall Street's Financial Infrastructure—Is Ethereum the Best Choice?
Original Title: The Race To Rewire Wall Street: Is Ethereum The Safest Bet? Original Author: Jón Helgi Egilsson, Forbes Original Translation: TechFlow Ethereum co-founder Vitalik Buterin, together with his foundation, Electric Capital, and Paradigm, is backing Etherealize’s $40 million launch—a startup with a single mission: to reinvent Wall Street on top of Ethereum. (© 2024 Bloomberg Finance LP) Every day, Wall Street’s financial system processes trillions of dollars in capital flows—many of which still run on systems built decades ago. Mortgage and bond trades can take days to settle. Intermediaries add layers of cost, tie up capital, and amplify risk. For the world’s largest banks and asset managers, choosing the wrong technology infrastructure could lock in a new generation of inefficiency. Blockchain technology could change all of this. But the question is, which blockchain is the best choice? Critics argue that Ethereum is slow and expensive, while competitors claim higher throughput. Meanwhile, fintech giants are even building their own blockchains. However, Danny Ryan, co-founder and president of Etherealize and a core architect of Ethereum’s evolution, led the historic “proof-of-stake Merge” project. He insists that Ethereum’s security, neutrality, and cryptographic privacy make it uniquely suited to carry the weight of global finance. Indeed, Wall Street needs to be reinvented—and Ryan believes Ethereum is the only blockchain that can do it. Ryan has worked at the Ethereum Foundation for nearly a decade, closely collaborating with Vitalik Buterin and shaping the protocol at its most critical turning points. Now, with $40 million in investment from Paradigm, Electric Capital, and the Ethereum Foundation, and initial funding from the Ethereum Foundation, he is convinced Ethereum is ready for the Wall Street market. Ryan’s answer—frank, precise, and somewhat surprising—goes far beyond crypto hype, but he also details why Ethereum may be the safest choice for reinventing the financial system. Danny Ryan, co-founder and president of Etherealize, believes Ethereum is the only blockchain with the security and neutrality to reinvent Wall Street. Security Is a Scarce Resource I started with an obvious question: Given Ethereum’s congestion and high fees, why would Wall Street trust it? Ryan didn’t hesitate: “Crypto-economic security is a scarce resource.” In proof-of-stake systems, validators must lock up capital to make attacks prohibitively expensive. Today, Ethereum has over a million validators and nearly $100 billion in total value staked. “You can’t achieve that overnight,” he added. By contrast, newer blockchains can create faster networks but often rely on a handful of institutional backers. “That looks more like a consortium model,” Ryan explained. “You trust the companies, contracts, and legal recourse involved. That’s a different kind of security guarantee. It’s not the same as maintaining a neutral global network securing tens of billions of dollars.” The data backs him up. According to Etherealize’s latest research, Ethereum secures over 70% of stablecoin value and 85% of tokenized real-world assets. If security at scale is critical, Ethereum undoubtedly has the edge. The Ethereum network has over a million validators and more than $120 billion in staked value, making it the most secure blockchain—a “scarce resource” for institutions managing counterparty risk. (getty) Privacy: Promises and Mathematics Privacy is another key issue. No bank would put client transactions on a fully public ledger. Is this also why projects like Canton, backed by large financial institutions, are getting attention? Ryan’s answer is sharp. “Canton relies on an honor system—trusting counterparties to delete sensitive data. That’s a sleight-of-hand approach to privacy. With cryptography, you can solve privacy at its root.” He’s referring to zero-knowledge proofs (ZKP), a field of cryptography developed before blockchains but now widely used on Ethereum. ZKPs have become the backbone of “rollups,” technology that can compress thousands of transactions and settle them on Ethereum. The same technology is expanding into privacy: enabling selective disclosure so regulators can verify compliance without exposing all transaction details to the market. “You solve privacy with mathematics,” Ryan added—a phrase that feels like a guiding principle for how Ethereum meets institutional requirements. Institutional finance requires confidentiality. Ethereum’s zero-knowledge tools aim to guarantee privacy through cryptography, not intermediaries. (getty) Modularity: Institutions Control Their Own Infrastructure I pressed him on Ethereum’s architecture. Compared to Stripe and Circle now trying to build streamlined blockchains from scratch, does Ethereum’s architecture seem too complex? Ryan countered that the seemingly complex architecture is actually an advantage. “Institutions like the L2 model,” he explained. “It allows them to customize infrastructure while inheriting Ethereum’s security, neutrality, and liquidity. They can control their own infrastructure while still tapping into global network effects.” He pointed out that Coinbase’s Base network is a proof of concept. Built on Ethereum’s L2, Base generated nearly $100 million in sequencer revenue in its first year, demonstrating both economic viability and institutional-scale capability. For Ryan, modularity isn’t a technical detail—it’s a blueprint for how institutions can build their own blockchain infrastructure without losing the advantages of a shared network. Ethereum’s scaling strategy combines rollups with data availability sampling—a path aiming for over 100,000 TPS without sacrificing security. (getty) Neutrality and Throughput What about speed? Solana and other competitors claim to process thousands of transactions per second. Isn’t that more practical for global finance than Ethereum’s relatively limited throughput? Ryan reframed the question. “When financial institutions consider blockchains, they don’t just ask, ‘How fast is it?’ They also ask: Can this system execute correctly and stay online, and who do I have to trust? On Ethereum, the answer is: you don’t have to trust anyone.” This is what he calls “credible neutrality”—a guarantee that the underlying protocol doesn’t favor insiders. Ethereum hasn’t had a single day of downtime since 2015—a record worthy of recognition in financial systems. As for scalability, Ryan referenced the roadmap set by Ethereum co-founder and think tank architect Vitalik Buterin. He emphasized that the key is capacity comes from the aggregation of many L2s running on Ethereum, not a single chain. Today, this already means the whole system can process tens of thousands of transactions per second—and with upcoming upgrades like data availability sampling, Ryan says total throughput could break 100,000 TPS in just a few years. “Scalability is here—and without sacrificing trust,” he said. As Wall Street’s financial rails modernize, the real question is which blockchain can meet institutions’ needs for scale, security, and privacy. (SOPA Images/LightRocket via Getty Images) The Bigger Picture Ryan doesn’t claim Ethereum is perfect. His point is that only Ethereum combines the advantages institutions truly care about: security, privacy, modularity, and neutrality. Stripe, Circle, and others may try their own blockchains. But Ryan insists they’ll ultimately face a harsh reality: “Most companies will need to reconnect to Ethereum. Because security isn’t free—it’s a scarce resource.” For Wall Street, this may be a decision point: build on the islands of proprietary systems, or tap into a neutral global network that has proven its resilience for a decade? Ethereum’s underlying architecture may not be the fastest blockchain yet, but for Wall Street, it may be the safest choice—a rapidly scaling architecture that guarantees privacy through mathematics, not promises that institutions could break.
Forbes: Reshaping Wall Street Financial Infrastructure, Is Ethereum the Best Choice?
Original Article Title: The Race To Rewire Wall Street: Is Ethereum The Safest Bet? Original Article Author: Jón Helgi Egilsson, Forbes Original Article Translation: TechFlow of Deep Tide Ethereum co-founder Vitalik Buterin, with his foundation backing Etherealize alongside Electric Capital and Paradigm in a $40 million launch—a startup with a single mission: to reshape Wall Street on Ethereum's foundation. (© 2024 Bloomberg Finance LP) Each day, Wall Street's financial system processes trillions of dollars in fund flows—many of which still operate on systems built decades ago. Mortgage and bond transactions may take days to settle. Intermediaries add cost layers, tie up capital, and amplify risk. For the world's largest banks and asset management firms, choosing the wrong tech infrastructure could result in a new generation of inefficiency being locked in. Blockchain technology has the potential to change this status quo. But the question remains, which blockchain is the best choice? Critics argue that Ethereum is slow and costly, while competitors claim to have higher throughput. Furthermore, fintech giants have even started building their own blockchains. However, Etherealize's co-founder and president, core architect of Ethereum's evolution Danny Ryan, previously led the coordination of the historic Proof of Stake Merge project. He argues that Ethereum's security, neutrality, and cryptographic privacy make it well-suited to bear the burden of global finance. Indeed, Wall Street needs a reshape—Ryan believes Ethereum is the only blockchain capable of achieving this. Having worked at the Ethereum Foundation for nearly a decade, closely collaborating with Vitalik Buterin and shaping it at the protocol's most critical inflection points, Ryan is now backed by $40 million in investments from Paradigm, Electric Capital, and the Ethereum Foundation, with initial funding from the Ethereum Foundation, and he is confident that Ethereum is ready to enter the Wall Street market. Ryan's response—blunt, precise, and somewhat surprising—goes far beyond the realm of crypto hype, but he also details why Ethereum may be the safest choice to overhaul the financial system. Etherealize Co-founder and President Danny Ryan believes that Ethereum is the only blockchain with security and neutrality that can reshape Wall Street. Security is a Scarce Resource Let's start with an obvious question: Given Ethereum's congestion and high fees, why would Wall Street trust it? Ryan was quick to respond: Cryptoeconomic security is a scarce resource. In a proof-of-stake system, validators must lock up capital to make the cost of an attack prohibitively expensive. Today, Ethereum has over a million validators with a total staked value nearing $100 billion. "You can't achieve this overnight," he added. In contrast, newer blockchains may create faster networks but often rely on a few institutional validators. "It looks more like a consortium model," Ryan explained. "You trust the companies, contracts, and legal recourse involved. It's a different type of security guarantee. It's not the same as maintaining a neutral global network involving hundreds of billions of dollars." His statement is backed by data. According to Etherealize's latest research, Ethereum secures over 70% of stablecoin value and 85% of tokenized real-world asset security. If security at scale is paramount, then Ethereum undoubtedly holds this advantage. The Ethereum network boasts over a million validators and over $120 billion in staked value, making it the most secure blockchain – a "scarce resource" for institutions managing counterparty risk. (getty) Privacy: Commitment and Mathematics Privacy is another crucial issue. No bank would expose customer transactions on a fully public ledger. Is this also why projects backed by major financial institutions like Canton are getting attention? Ryan's response was sharp. "Canton relies on a trust assumption – trusting counterparties to delete sensitive data. It's a sleight-of-hand privacy protection. Whereas through cryptography, privacy can be fundamentally addressed." He referred to zero-knowledge proofs (ZKPs), a cryptographic concept developed long before blockchain but now widely applied on Ethereum. ZKPs have become a cornerstone of rollups, a technology that can aggregate thousands of transactions and settle on Ethereum. The same technology is extending into privacy: enabling selective disclosure where regulators can verify compliance without publicly revealing all transaction details to the market. “You use math to solve privacy,” Ryan added—this statement feels like Ethereum's guiding principle on meeting institutional requirements. Institutional finance requires confidentiality. Ethereum's zero-knowledge tools aim to safeguard privacy through encryption technology rather than intermediary institutions. (getty) Modularity: Institutions Controlling Their Own Infrastructure I asked him about Ethereum's architecture. In comparison to Stripe and Circle now attempting to build streamlined blockchains from scratch, does Ethereum's architecture appear overly complex? Ryan argued that the seemingly complex architecture is actually an advantage. “Institutions like the L2 model,” he explained. “It allows them to customize infrastructure while inheriting Ethereum's security, neutrality, and liquidity. They can control their infrastructure while still accessing the global network effect.” He pointed out that Coinbase's Base network is a proof of concept. Base is built on top of Ethereum's L2 and generated nearly $100 million in revenue in its first year, demonstrating its economic viability and institutional scale. For Ryan, modularity is not a technical detail but a blueprint for how institutions can build their own blockchain infrastructure without losing the benefits of a shared network. Ethereum's scaling strategy combines rollups with data availability sampling—this approach aims to achieve over 100,000 TPS without sacrificing security. (getty) Neutrality and Throughput What about speed then? Solana and other competitors claim to process thousands of transactions per second. Isn't this more practical for global finance compared to Ethereum's relatively limited throughput? Ryan reframed this question. “When financial institutions consider blockchain, they don't just ask, 'How fast is it?' They also ask: Can this system execute correctly and stay online, and whom do I need to trust? On Ethereum, the answer is: Trust no one.” This is what he calls “trustful neutrality,” where the underlying protocol's rule guarantees do not favor insiders. Since 2015, Ethereum has never experienced a day of downtime—a track record that the financial system finds commendable. As for scalability, Ryan referenced the roadmap laid out by Ethereum co-founder and architect of the Ethereum Foundation, Vitalik Buterin. He emphasized that the key lies in the capacity coming from the aggregation of numerous L2s running on Ethereum, rather than a single chain. Today, this has already meant a throughput of tens of thousands of transactions per second for the entire system — with upcoming upgrades such as data availability sampling, Ryan said the total throughput is set to exceed 100,000 TPS in just a few years. "Scalability is right here — and without sacrificing trust," he said. As Wall Street's financial channels modernize, the real question is which blockchain can meet institutional demands for scale, security, and privacy. (SOPA Images/LightRocket via Getty Images) The Bigger Picture Ryan did not claim Ethereum to be perfect. His view is that only Ethereum has the comprehensive advantages that institutions truly care about, such as security, privacy, modularity, and neutrality. Companies like Stripe, Circle, and others may try their own blockchains. But Ryan insists that they will ultimately face a harsh reality: "Most companies will need to reconnect to Ethereum. Because security is not free — it is a scarce resource." For Wall Street, this may be a decision point: whether to build atop proprietary silos or tap into a neutral global network that has already proven a decade of resilience. Ethereum's underlying architecture may not be the fastest blockchain yet, but for Wall Street, it could be the safest choice — a rapidly expanding architecture that secures privacy through mathematics rather than promises that institutions could break.
'The turf war is over': CFTC Acting Chair Caroline Pham says as agencies look to work together on crypto
The "turf war is over" between the Commodity Futures Trading Commission and the Securities and Exchange Commission, said CFTC Acting Chair Caroline Pham. "It's a new day and the turf war is over," Pham said during a joint roundtable on Monday hosted by the CFTC and SEC. The CFTC and the SEC have arguably engaged in a turf war over crypto market regulation for years. For digital assets, former CFTC Chair Rostin Behnam has said the majority of the market meets the definition of commodities under his agency's supervision, while former SEC Chair Gary Gensler said that most cryptocurrencies were actually securities. In Washington, D.C., lawmakers are working on a bill to regulate the crypto industry at large — called the Clarity Act, outlining market structure legislation — that could give the CFTC broader authority over digital assets. So, how the CFTC and its sister agency, the SEC, move forward could be significant. "There's no question that because we both oversee related parts of the financial markets, the regulatory lanes for our two agencies aren't always clear or intuitive," Pham said. "At times, this has led to unnecessary friction between the two agencies and avoidable headaches for the market participants who depend on us." Although there has been talk that the SEC and CFTC could be merged, SEC Chair Paul Atkins once again refuted it. "Let me be clear: our focus is on harmonization, not on a merger of the SEC and CFTC, which would be up to Congress and the President," Atkins said on Monday at the roundtable. "Fanciful talk of reorganizing the government risks distracting us from the monumental opportunity we have in front of us." The roundtable is continuing into Monday with panels including executives from Kalshi, Kraken, Polymarket, Robinhood Markets, Bank of America, and J.P. Morgan.
JPMorgan Research Analysts Outline Two Contrasting Scenarios for Fed Easing Cycle, Highlight Asset Class That’s Primed To Outperform in Either
JPMorgan research analysts think two main scenarios could play out amid the Federal Reserve’s rate cuts. The first is a recessionary environment, which Fabio Bassi, head of cross-asset strategy at J.P. Morgan Securities, says could benefit U.S. Treasuries and gold at the expense of risky assets. “Not only does gold act as a natural hedge in a risk-off scenario, but it also benefits from the lower opportunity cost of holding the non-yielding asset as interest rates decrease. In contrast, riskier asset classes such as U.S. high-yield corporate bonds and the S&P 500 typically experience mainly negative returns during such periods.” The second possible scenario is a non-recessionary easing cycle, which Bassi also thinks could benefit gold, in addition to equities. “Gold could continue to provide diversification and see positive returns, but less so than in a recessionary environment.” JPMorgan research analysts note that in the latter stage of a non-recessionary easing cycle, when the Fed would begin rate cuts again after a pause, gold and US high-yield bonds would likely lead most asset classes in terms of positive returns. Most asset classes would be profitable in this scenario, they add. Bassi thinks the second option is more likely. “Looking ahead, the insurance rate cut and our baseline call for no recession lead us to anticipate a typical mid-cycle, non-recessionary easing scenario.” Generated Image: Midjourney
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