Fidelity Investments has launched a money market fund aimed at stablecoin issuers and institutional investors seeking to meet reserve requirements under the GENIUS Act.

Fidelity said on Thursday that the new Fidelity Reserves Digital Fund will invest in cash, short-term U.S. Treasury securities, overnight repurchase agreements backed by Treasuries, and government money market funds that qualify under the federal stablecoin framework.

The launch places Fidelity among a growing group of traditional financial firms offering products tailored to stablecoin reserve management. State Street introduced a similar product this week through its State Street Stablecoin Reserves Money Market Fund, which was also designed for issuers operating under the GENIUS Act.

Robin Foley, Fidelity’s head of fixed income, said the firm’s experience in fixed income and money markets positions it to provide a compliant reserve management solution for stablecoin issuers under the new legislation.

Fidelity expands stablecoin strategy

The new fund adds to Fidelity’s stablecoin business, which expanded earlier this year with the introduction of the Fidelity Digital Dollar, or FIDD.

At the time, Fidelity Digital Assets said the U.S. dollar-backed stablecoin would serve both retail and institutional investors and would be supported by Fidelity’s reserve management infrastructure. Mike O’Reilly, president of Fidelity Digital Assets, said the company had spent years researching stablecoins and viewed regulatory clarity as an important step for adoption.

The GENIUS Act established the first federal framework for payment stablecoins in the United States. Among its requirements, issuers must maintain reserves in cash, short-dated Treasury securities, and certain government money market funds.

Fidelity said the Fidelity Reserves Digital Fund will hold Treasury bills, notes, and bonds with maturities of 93 days or less. The portfolio will also include cash balances and overnight repurchase agreements secured by Treasury securities.

Asset managers target stablecoin reserves market

Asset managers have begun introducing products that align with the reserve standards established under the new law.

State Street said this week that its reserve fund was created to help issuers satisfy GENIUS Act requirements. State Street Bank and Trust Company and Anchorage Digital joined the launch as initial backers.

State Street Chief Executive Officer Yie-Hsin Hung said the legislation established a framework for how stablecoin reserves can be invested. Anchorage Digital Chief Executive Officer Nathan McCauley said reserve management would become increasingly important as stablecoin usage expands.

Industry projections cited by State Street estimate that global stablecoin issuance could reach between $1.9 trillion and $4 trillion by 2030. If those forecasts materialize, issuers would need to place a substantially larger volume of reserve assets into highly liquid investments permitted under the law.

Stablecoins, which are typically pegged to the U.S. dollar, currently account for roughly $320 billion in market value and are widely used for trading, payments, and cross-border transfers.

Altcoin markets (excluding Ether (ETH)) recently saw $266 billion in net selling volume on centralized exchanges, the deepest reading since the metric began tracking spot demand in 2020.

Altcoins accounted for 51% of Binance futures trading volume on June 16, compared with 28.85% for Bitcoin and 20.20% for Ether, positioning the exchange as a leader in derivatives activity in 2026.

The divergence between record selling and dominant trading activity points to capital rotating within crypto and also into alternative exchange products.

Altcoin trading stays active despite outflows

Crypto analyst IT Tech noted that the one-year cumulative buy-sell difference for altcoins, excluding Bitcoin (BTC) and Ether (ETH), dropped to -$266 billion on June 16.

One-year cumulative buy-sell volume for altcoins. Source: CryptoQuant 

The current readings show that selling pressure has outweighed buying demand for an extended period, pushing the cumulative balance to a new low.

However, altcoin trading activity tells a different story. Data shows altcoins accounted for 51% of daily futures trading volume on June 16, compared with 28.85% for Bitcoin and 20.20% for Ether. Altcoins have led exchange trading volumes for most of 2025, aside from a brief period in February when Bitcoin overtook the sector.

Volume dominance between BTC, ETH, and altcoins. Source: CryptoQuant

The combination of elevated futures trading activity and deeply negative spot demand points to capital recycling within the altcoin market rather than fresh spot inflows. This shows investors continuing to trade altcoins, although aggregate spot purchases have not kept pace with the selling volume.

Related: BitGo courts crypto firms awaiting MiCA approval amid Binance licensing concerns

Crypto liquidity shifts beyond altcoins

Market analyst MorenoDV indicated that exchange stablecoin balances have changed little since December 2024. The exchange supply ratio for ERC-20 stablecoins has fluctuated between 0.40 and 0.46, meaning roughly 40% to 46% of circulating stablecoins have stayed on exchanges for more than a year.

Stablecoins (ERC20) exchange supply ratios. Source: CryptoQuant

During the same period, Bitcoin experienced price swings exceeding 50%, trading between $60,000 and $120,000. Binance held between 25% and 30% of the total stablecoin supply, accounting for more than half of exchange-held reserves. This indicates liquidity has stayed available, but capital deployment has become increasingly selective.

Part of the capital appears to be targeting traditional asset products offered by crypto exchanges. According to CryptoQuant, metals futures volume peaked at nearly $500 billion in March 2026, as gold and silver prices reached record highs. The trading activity in pre-IPO perpetual products expanded to $715 million in May and $2 billion in June, up from just $2 million in March.

Binance processed $10.3 billion in pre-IPO perpetual volume in June, roughly 20 times higher than the entire month of May, while controlling about 83% of the segment. Growth in metals, oil, equities, and pre-IPO contracts highlights how exchange users are increasingly allocating liquidity across a wider range of assets, with Binance continuing to hold the largest concentration of deployable stablecoin capital.

Related: Hyperliquid open interest surges 32% in week: Is $80 HYPE next?

Michelle Bond, the wife of former FTX executive Ryan Salame, will move forward to trial on illicit campaign finance-related charges after a Manhattan federal judge rejected an attempt to throw out the indictment. The decision, issued by U.S. District Judge George Daniels on Wednesday, hinged on whether prosecutors promised Bond immunity in exchange for Salame’s guilty plea.

Daniels denied Bond’s motion to dismiss, concluding there was “no ambiguity” in the written plea agreement and that prosecutors never promised Bond would be cleared. The ruling is expected to be among the final steps in the cluster of criminal cases stemming from FTX’s collapse in 2022, one of the most consequential events in the history of the crypto industry.

Key takeaways

• Judge George Daniels ruled that the plea agreement did not grant Michelle Bond immunity and that prosecutors made no binding promise to avoid her prosecution.
• The court found the government’s position was “undisput[ably]” supported by evidence that immunity was not offered when Ryan Salame pleaded guilty.
• Bond’s indictment centers on allegations that she used FTX-linked funds to bankroll her 2022 congressional campaign.
• Bond faces four separate campaign-finance counts, each carrying up to five years in prison.

No immunity in the plea paperwork

Bond asked the court to dismiss the indictment by arguing that prosecutors made assurances during a 2023 meeting. According to Bond, then–Manhattan U.S. Attorney Danielle Sassoon told her and Salame’s attorney that if Salame pleaded guilty, prosecutors would “conclude” investigative matters related to Ryan Salame but not those related to Bond.

In his decision, Daniels rejected that argument by emphasizing the “four corners” of the plea agreement—meaning the terms that were actually set in writing. The judge wrote that there was “no ambiguity” in the agreement and found that “all parties, including the defendants and their counsel” understood that the government had not promised Bond immunity when Salame entered his guilty plea.

Daniels also pointed to testimony from Bond’s former lawyer, Gina Parlovecchio, indicating that she did not view Sassoon’s statement as a promise at the time it was made. The judge concluded the evidence showed the government did not bargain for Bond’s non-prosecution in return for Salame’s plea.

How FTX money allegedly flowed into a 2022 campaign

Prosecutors’ allegations trace the case to Bond’s failed attempt to win a House seat in 2022. In an earlier filing made by the government and reported in August 2024, prosecutors said that after Bond launched her congressional run, Salame arranged a consulting arrangement between Bond and FTX, under which Bond was paid $400,000.

According to the government, Bond then used those funds to illegally support her campaign, along with additional money—prosecutors allege Salame wired her hundreds of thousands of dollars between June and August 2022. Prosecutors further claimed Bond tried to obscure the source of payments and made false statements to both a congressional committee and the Federal Election Commission.

Bond’s defense has argued that the government’s earlier assurances about the scope of prosecution should matter. But Daniels’ ruling makes clear that, at least under current findings, the court does not accept that any side discussions overrode the written plea terms.

Where the case fits in the broader FTX fallout

FTX’s collapse in 2022 sent shockwaves through crypto markets and triggered a long-running set of criminal investigations and prosecutions. The Salame-related matter has already reached a sentencing milestone: Salame, who served as co-CEO of FTX’s Bahamian subsidiary, FTX Digital Markets, was sentenced to seven and a half years in prison in May 2024.

That sentence followed a guilty plea by Salame to conspiring to make illegal political contributions and to operating an illegal money transmitter. Bond’s case is closely connected to those same allegations, but it targets her alleged role in financing and concealing campaign support tied to FTX.

The judge’s ruling is therefore significant not just for Bond, but for the pace of closing out FTX-linked prosecutions. If upheld through further proceedings, it would keep the focus on Bond’s indictment and move the case closer to trial.

Charges and potential exposure

Bond is facing four criminal counts connected to campaign finance and donation-related conduct. The charges listed in the indictment include conspiracy to cause unlawful political contributions; causing and receiving a straw donor contribution; causing and accepting excessive campaign contributions; and an unlawful corporate contribution.

Each of the four counts carries a statutory maximum sentence of up to five years in prison. The case turns largely on whether the alleged payments and related campaign activity violated U.S. campaign finance laws, and whether Bond’s attempts to conceal the funding sources or make related statements crossed criminal lines.

With Judge Daniels denying the motion to dismiss, Bond will now have to litigate the merits of the government’s allegations rather than seeking relief based on alleged immunity promises tied to Salame’s plea.

For observers watching the final chapters of the FTX criminal saga, the key next development is how Bond responds at trial or in any subsequent motion practice—particularly given the judge’s emphasis on the written plea agreement and what communications were or were not treated as binding promises.

Crypto platform Blockchain.com has added 173 tokenized stocks and exchange-traded funds through a partnership with Ondo Finance, bringing its catalog of tokenized traditional assets to more than 430 offerings across Ethereum, Solana and BNB Chain.

According to an announcement on Wednesday, the new listings include tokenized exposure to private company shares, active exchange-traded funds, Treasury products and covered-call strategies, with Blockchain.com highlighting SpaceX’s SPCX token among the additions.

The expansion also adds themed baskets tied to AI infrastructure, energy, robotics, autonomous vehicles and quantum computing, alongside income-focused products from Global X and other issuers.

A recent proposal by the US Securities and Exchange Commission to scrap two rules in its national market system regulations has been described by Galaxy head of research Alex Thorn as “one of the biggest unlocks yet for tokenized stocks” as it would remove “one of the biggest structural barriers to tokenized US equities trading in DeFi.”

Blockchain.com said the assets are available immediately through Ondo’s routing and liquidity infrastructure, which supports trading across all 173 new listings at launch.

Ondo is one of the largest tokenization platforms by asset value, with roughly $3.8 billion in distributed assets across 267 tokenized products, according to RWA.xyz data.

Source: RWA.xyz

The launch comes a week after Blockchain.com introduced a SpaceX-linked perpetual contract for institutional clients, expanding its push into tokenized and traditional financial markets.

Related: Tokenization could push DeFi assets to $2.7T by 2030: Standard Chartered

Onchain stocks building momentum

The tokenized equities market has grown rapidly this year. RWA.xyz data shows tokenized equities hold roughly $1.57 billion in distributed value, up nearly fivefold from about $330 million a year ago.

The market includes tokenized shares of public companies, exchange-traded funds (ETFs) and private firms. Among the largest tokenized equity assets by value are Strategy, Circle, Nvidia and Exodus shares.

Source: RWA.xyz

Competition has been intensifing as crypto exchanges and wallet providers race to offer onchain access to traditional financial assets. Earlier this month, Exodus launched a marketplace for more than 200 tokenized stocks, ETFs and other real-world assets through a separate partnership with Ondo Finance.

Several crypto platforms also introduced products tied to SpaceX’s IPO, ranging from tokenized IPO access and pre-IPO contracts to perpetual futures linked to the company’s shares. Binance said its SpaceX tokenized IPO offering attracted more than $557 million in USDC deposits from users seeking exposure to the listing.

However, the SpaceX IPO also highlighted some of the sector’s challenges. Several exchanges, including Binance, Bybit, Bitget Wallet and MEXC, were forced to cancel tokenized SpaceX offerings and issue refunds after failing to secure share allocations. Many of those products relied on Kraken-owned xStocks for distribution and settlement infrastructure.

The IPO was reportedly nearly four times oversubscribed, attracting more than $250 billion in investor demand for a $75 billion offering, according to Reuters.

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A Florida man known in crypto circles as “Bitcoin Rodney” has pleaded guilty to participating in a large fraudulent crypto scheme tied to HyperFund, according to the U.S. Department of Justice. Rodney Burton entered the plea in federal court in connection with an alleged conspiracy to operate an unlicensed money-transmitting business used to promote the platform.

Prosecutors said Burton helped provide unlicensed money-transmitting services to advance HyperFund, described as a global wire-fraud operation that affected thousands of investors. The U.S. Attorney’s Office for the District of Maryland said the guilty plea was announced by U.S. Attorney Kelly O. Hayes, along with agents from the Washington Internal Revenue Service Criminal Investigation unit and Homeland Security Investigations, New York.

Key takeaways

• Rodney “Bitcoin Rodney” Burton pleaded guilty to conspiracy involving an unlicensed money-transmitting business connected to HyperFund.
• Prosecutors allege HyperFund promised investors daily returns while purportedly lacking the mining revenue used to justify payouts.
• Burton is accused of promoting the scheme using investor funds to enrich himself between June 2020 and January 2022.
• HyperFund’s collapse in November 2022 followed multiple rebrands, including a DeFi ecosystem relaunch as HyperFund.
• Burton faces up to five years in federal prison; sentencing is scheduled for July 23.

Guilty plea tied to unlicensed money transmission

In the government’s account, Burton conspired to provide money-transmitting services without the required authorization, which prosecutors framed as a mechanism used to facilitate HyperFund’s broader fraud. The statement from the U.S. Attorney’s Office for the District of Maryland emphasizes that Burton’s role was not limited to marketing—federal prosecutors describe his conduct as part of the infrastructure used to support the operation.

According to the DOJ announcement, Burton promoted HyperFund and used investor funds during the period from June 2020 to January 2022. Prosecutors also stated that Burton controlled multiple companies that were represented as consulting-related entities, and that he personally received at least $7.8 million in proceeds from the scheme.

The case adds another layer to the government’s ongoing focus on fraud networks that use financial rails—especially those operating without appropriate licensing or oversight. While crypto fraud prosecutions often center on misrepresentations to investors, this matter also targets how money moved through the scheme.

HyperFund’s claimed returns and alleged fake mining revenue

Prosecutors said HyperFund falsely promised investors daily passive returns ranging from 0.5% to 1%. Federal authorities alleged that the platform claimed those payouts came from cryptocurrency-mining revenue, even though prosecutors said the underlying revenue source did not exist as represented.

That mismatch—high-frequency returns supported by alleged income that investors could not verify—has been a common feature of many crypto investment scams. In this case, the government’s filing ties those promises to a broader wire-fraud scheme, with Burton’s activities presented as assisting the operation.

The DOJ described HyperFund as one of the largest crypto fraud schemes, indicating that it impacted thousands of investors. Earlier coverage by Cointelegraph has also grouped similar large collapses into the “Ponzi-style” category, including OneCoin (reported to have taken over $4 billion) and BitConnect (estimated to have caused more than $2 billion in investor losses), though those comparisons are drawn from the wider historical pattern of fraud.

How HyperFund evolved—and why the timeline matters

HyperFund did not appear in the market as a single static product. Prosecutors said HyperCapital launched in January 2022 as a DeFi ecosystem and was later relaunched six months afterward as HyperFund. After additional rebrands, federal authorities said the scheme collapsed in November 2022.

For investors and compliance professionals, rebranding can matter because it can signal an attempt to reset reputational risk, change marketing language, or adjust the narrative as scrutiny increases. In HyperFund’s case, the government’s timeline suggests the operation continued through multiple iterations until it ultimately unraveled.

Earlier in the case, federal prosecutors in Maryland announced charges in January 2024 against two other individuals connected to the alleged scheme. The DOJ announcement said the defendants were Sam Lee, an alleged co-founder, and Brenda Chunga.

Other defendants and sentencing outlook

According to the U.S. Attorney’s Office for the District of Maryland, Lee, a 35-year-old Australian, and Chunga of Maryland were charged with conspiracy to commit securities fraud and wire fraud. Prosecutors said Chunga’s sentencing has been delayed multiple times and is currently scheduled for June 29. Lee, according to the DOJ statement, had not been found guilty at the time of the announcement.

Burton, meanwhile, faces a maximum sentence of five years in federal prison for conspiracy to operate an unlicensed money transmitting business. The government states sentencing is scheduled for July 23, following Burton’s guilty plea.

For readers watching crypto enforcement, the case underscores that authorities are pursuing not only the “front-facing” marketing of fraudulent platforms but also the financial and corporate mechanisms they used to operate. As proceedings continue against other alleged participants, the details of how funds were moved—and how the promised returns were financed—may further clarify the alleged mechanics of HyperFund.

Next, investigators and prosecutors will likely focus on how the scheme’s money flows worked in practice and whether additional participants or entities remain tied to the operation—points that could become clearer as Burton’s sentencing approaches and related court proceedings move forward.

CoinMENA has signed a banking agreement with Standard Chartered to strengthen fiat payment infrastructure for users in the United Arab Emirates. 

The CoinMENA release said the exchange will use Standard Chartered’s banking capabilities for fiat on-ramps, off-ramps, safeguarded client money accounts and virtual account-based transaction management.

The deal gives CoinMENA more structured banking support as regulated crypto firms seek smoother access to local currency flows. The company said the setup is designed to support faster funding, more efficient settlement and better transaction transparency for customers and approved counterparties.

Italy-based fintech Conio has received authorization to operate as a crypto-asset service provider under the European Union’s MiCAR framework, becoming one of the firms to secure approval before stricter licensing requirements take full effect across the bloc.

Conio said the authorization was granted following a regulatory review involving Italy’s market watchdog Consob and the Bank of Italy. The licence permits the company to provide digital asset custody, transfer, and placement services under the EU’s crypto regulatory regime.

The company said it plans to serve retail investors, financial institutions, banks, and fintech firms. Conio also intends to offer white-label services and support organizations pursuing tokenization initiatives and digital asset management projects.

Chief Executive Officer Christian Miccoli said the authorization strengthens Conio’s efforts to act as a partner for institutions that want to incorporate digital assets into regulated investment offerings. He added that the company will continue participating in blockchain and tokenization projects.

“Obtaining MiCAR authorization in Italy is an important milestone that confirms the strength of our approach and our commitment to offering innovative, secure and fully compliant services,” a translated statement from Conio read.

The company added that the licence strengthens its role as a partner for retail clients, banks, and institutions operating in Italy’s regulated digital asset market.

“With the end of the transition period approaching on June 30, 2026, obtaining MiCAR authorization is becoming an essential requirement for operating in Europe.”

Approval arrives before EU licensing deadline

The authorization comes as crypto companies across Europe race to comply with MiCAR before the end of the transition period. Under EU rules, firms that do not obtain the required authorization by July 1, 2026, may no longer provide covered crypto services to customers in the bloc.

The European Securities and Markets Authority has previously stated that firms operating without a MiCAR licence after the deadline would be in breach of EU law. The regulator also said providers that fail to secure authorization should prepare wind-down plans and help customers move assets to authorized providers or self-custody wallets.

Legal firm Hogan Lovells said Europe had more than 3,000 virtual asset service providers in 2024 but only 194 authorized crypto-asset service providers, including credit institutions, by May 2026. The firm estimated that about 75% of the pre-MiCAR provider base could lose registration status as national transition periods expire.

Conio’s approval also positions the company to benefit from MiCAR’s passporting system, which allows licensed firms to expand services across the European Union after completing the required notification procedures.

From retail crypto wallets to institutional services

Conio has previously focused on crypto custody and wallet services for retail users. In July 2024, the company partnered with fintech infrastructure provider Mesh to connect its wallet platform with major cryptocurrency exchanges, including Coinbase and Binance.

At the time, Conio said more than 430,000 customers used its services in Italy. The company, which counts Poste Italiane and Banca Generali among its backers, said the partnership aimed to give users greater control over how they store digital assets outside centralized exchanges.

A 56-year-old Florida resident has pleaded guilty in federal court to conspiracy to operate an unlicensed money-transmitting business in connection with a $1.8 billion fraudulent crypto platform.

According to a statement from the United States Attorney’s Office for the District of Maryland, Rodney “Bitcoin Rodney” Burton conspired to provide unlicensed money transmitting services to promote HyperFund, a global wire-fraud scheme.

Kelly O. Hayes, US Attorney for the District of Maryland and agents from the Washington Internal Revenue Service Criminal Investigation unit and Homeland Security Investigations, New York, announced Burton’s guilty plea on Wednesday.

HyperFund is one of the largest crypto fraud schemes, which impacted thousands of investors worldwide. It compares to some of the bigger Ponzi-style collapses in the space, such as OneCoin, which took over $4 billion, and BitConnect, which is estimated to have caused over $2 billion in investor losses.

Prosecutors said HyperFund falsely promised investors daily passive returns of 0.5% to 1%, claiming the payouts came from crypto-mining revenue it didn’t actually have.

According to the plea agreement, from June 2020 to January 2022, Burton promoted HyperFund and used investors’ funds to enrich himself.  

Related: Law enforcement freezes $41M connected to $150M crypto Ponzi collapse

Burton also controlled several companies that purported to offer consulting services and personally received at least $7.8 million in proceeds from the operation, according to the announcement. 

Burton faces five years

In January 2024, federal prosecutors in Maryland announced charges against two other individuals for orchestrating the scheme. Co-conspirators Sam Lee, a 35-year-old Australian, and Brenda Chunga from Maryland, faced charges of conspiracy to commit securities fraud and wire fraud.

Chunga’s sentencing has been delayed multiple times and is now scheduled for June 29, while Lee, the alleged co-founder of HyperFund, has not been found guilty of anything.

HyperCapital was launched in January 2022 as a DeFi ecosystem, which was relaunched six months later as HyperFund. After several rebrands, the scheme collapsed in November 2022.

Burton faces a maximum sentence of five years in federal prison for conspiracy to operate an unlicensed money transmitting business, and sentencing is scheduled for July 23.

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