Upbit will add Derive’s DRV token to its Korean won, Bitcoin and Tether markets on July 14.

Trading is scheduled to open at 17:00 Korea Standard Time, giving the onchain derivatives protocol access to South Korean traders. The details appear in Upbit’s official DRV listing notice.

The exchange said deposits and withdrawals will use the Ethereum network. Upbit also applies temporary limits on buy orders, low-priced sell orders and certain order types after new listings. These controls are designed to manage sharp price moves during the opening period.

DRV enters South Korea through three Upbit markets

The KRW pair gives local users a fiat market for DRV. The BTC and USDT pairs add two crypto-based routes for traders who already hold digital assets on the platform. Together, the markets broaden DRV access beyond its listings on international exchanges.

Bithumb also added DRV to its Korean won market on July 14, giving the token listings on two major South Korean platforms on the same day. The combined rollout increases local access, although trading volume and prices can change quickly after new markets open.

Derive grew from the former Lyra protocol

Derive previously operated as Lyra Finance, an onchain options protocol launched within the Synthetix ecosystem. The project adopted the Derive name in 2024 and moved its governance and utility token from LYRA to DRV. Eligible balances converted at a 1:1 ratio after a May 2024 snapshot.

DRV launched in January 2025. The protocol now combines options, perpetual futures and structured trading products through a self-custodial exchange. Derive runs an Ethereum rollup built with the OP Stack and uses a risk engine designed for portfolio margin and onchain settlement.

DRV supports governance, staking and token buybacks

DRV holders can stake the token to receive governance rights and delegate voting power. Derive also uses token incentives for trading and liquidity programs. Its token documentation states that 35% of protocol revenue funds DRV buybacks under the protocol’s current token funding model.

The token’s total supply now stands at 1.5 billion DRV. That figure reflects a 500 million-token strategic mint proposed in September 2025 to fund institutional partnerships, market-maker incentives and development. The earlier plan represented a 50% increase from the original one billion-token supply.

Listing follows Derive’s wider exchange expansion

The Upbit launch comes after DRV reached Coinbase in May 2026, giving the asset access to a large regulated U.S. trading platform. The Korean listings add direct won markets and place the token before one of Asia’s most active retail trading communities.

As previously reported, Synthetix proposed acquiring Derive through a $27 million token swap in May 2025. The plan would have exchanged 27 DRV for one SNX under lockup and vesting terms. The parties later abandoned the proposed merger, leaving Derive independent.

Upbit has continued adding crypto assets throughout 2026. As reported by crypto.news, the exchange introduced nine tokens to its BTC and USDT markets in June. Other Upbit listings have produced rapid changes in volume and price, but early gains have not always continued.

The DRV listing may improve liquidity by connecting fiat and crypto markets. Traders will also monitor Derive’s protocol volume, token use and supply release schedule. Those measures will show whether the Korean rollout creates sustained activity after the initial listing period.

JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.

A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.

The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.

Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.

Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.

Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.

Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.

Japan agreement follows Asia expansion

The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.

Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.

During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.

Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members. 

However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.

Cumberland has secured a Major Payment Institution licence from Singapore’s central bank, allowing its local unit to offer regulated digital payment token and cross-border money transfer services.

According to an announcement by cryptocurrency trading and liquidity provider Cumberland on X, its Singapore subsidiary, Cumberland SG Pte. Ltd., has received the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The approval authorises the company to provide Digital Payment Token (DPT) services and Cross-Border Money Transfer services under Singapore’s Payment Services Act.

In its announcement, Cumberland said Singapore continues to maintain a high standard for digital asset regulation and described the country as one of the world’s leading financial centres. The company added that its team plans to continue expanding its presence in the jurisdiction.

The approval completes a licensing process that began in March, when MAS granted Cumberland SG in-principle approval for an MPI licence. At the time, the regulator said the company had satisfied the initial regulatory requirements but still needed to meet additional conditions before receiving the full licence. Cumberland had said the approval would allow it to expand compliant digital asset services for institutional clients once the licence was issued.

Cumberland is the crypto trading and liquidity arm of Chicago-based DRW and provides market-making and liquidity services to institutional clients across digital asset markets.

Cumberland’s regulatory progress also follows developments in the United States. In March, the U.S. Securities and Exchange Commission dismissed its enforcement case against the company, ending allegations that it had operated as an unregistered securities dealer. The dismissal formed part of a series of crypto-related cases dropped by the agency under its new leadership.

Singapore keeps a strict licensing standard

The latest approval comes as MAS continues to combine new licence approvals with close regulatory oversight of crypto firms operating in Singapore.

Earlier this year, the regulator revoked the MPI licence of Bsquared Technology after finding false or misleading statements, weaknesses in risk management, conflict-of-interest controls, and outsourcing arrangements during an inspection. MAS also said it was reviewing whether senior officers at the company could be held personally accountable for the breaches.

Regulatory scrutiny has also extended to firms without local authorisation. In June, MAS added Bybit Fintech Limited and its trading platform to its Investor Alert List, which the regulator says identifies entities that could be mistakenly viewed as licensed or regulated in Singapore. MAS noted that the list is a public warning tool rather than an enforcement action or operating ban.

While maintaining those compliance standards, Singapore has continued issuing licences to firms that meet its requirements. Previous approvals have been granted to crypto companies including BitGo, Coinbase, Anchorage, Gemini and OKX, reinforcing the country’s position as a regulated hub for institutional digital asset businesses.

The U.S. government has transferred nearly $300 million worth of seized Bitcoin and Ether to Coinbase Prime, according to on-chain data tracked by Arkham. The move has sparked fresh speculation that the holdings could be prepared for sale, though custody transfers do not necessarily indicate that selling is underway.

Arkham data shows that on Monday, 3,940 BTC—valued at $243.95 million—and 30,014 ETH—valued at $53.09 million—were sent to Coinbase Prime. The deposits were linked to multiple well-known U.S. government crypto seizures, including assets associated with earlier enforcement actions.

Key takeaways

• Arkham reports Monday’s transfer of 3,940 BTC and 30,014 ETH to Coinbase Prime, totaling close to $300 million.
• The assets are connected by Arkham to earlier seizures, including BTC reportedly tied to ryan farace (“xanaxman”) and a Bitcoin-related path involving the defunct BTC-e exchange.
• Ether moved to Coinbase Prime is also tied to Brian Krewson, an Oracle employee implicated in a reported $54 million crypto storage and money laundering scheme.
• Despite renewed speculation, deposits into a custody-focused venue may reflect consolidation rather than an imminent sale.
• The transfers have raised attention because a March 2025 executive order directed that seized Bitcoin should support a proposed “Strategic Bitcoin Reserve” and not be sold.

What was moved to Coinbase Prime

The key new development is the scale and timing of the transfer. In its public tracking, Arkham attributes the Monday movement to government-linked wallets feeding into Coinbase Prime custody.

On the Bitcoin side, Galaxy Research’s Alex Thorn said the coin movements were comprised of assets seized from ryan farace (“xanaxman”) and from pathways connected to the defunct BTC-e exchange. Thorn’s comment specifically addressed the Bitcoin transfers, underscoring how investigators and analysts are continuing to map seizure flows to named cases.

On the Ether side, Arkham’s tracing indicates the deposits connect to Brian Krewson, an Oracle employee implicated in what has been described as a $54 million crypto storage and money laundering scheme. While these labels do not confirm present intent, they help explain why traders and analysts are treating the transfer as more than routine operational movement.

Why the transfer reignited “sale” speculation

Transfers to trading or custody partners often prompt market observers to ask whether seized assets are being positioned for liquidation. However, the critical detail is that Coinbase Prime provides services that go beyond spot trading—custody, trading access, financing, and staking—meaning transfers can be used for multiple operational reasons.

That distinction matters because the on-chain action alone does not prove a sale is happening. Even if assets are ultimately sold, the first step could be administrative consolidation or the setup of liquidity and custody procedures ahead of later decisions.

Still, attention intensified because the move appears to run into political and policy messaging. As noted in earlier reporting, a March 2025 executive order stated that Bitcoin seized by the U.S. government should be used as part of a “Strategic Bitcoin Reserve” and should not be sold. Coverage of that conflict has also been highlighted by Cointelegraph in earlier articles, including discussion around interagency disagreement about control.

Monday’s deposits do not confirm a breach of that guidance—again, custody movements are not the same as liquidation. But they do highlight the tension between policy statements and the practical reality of managing seized crypto across custodians and operational workflows.

How this compares with prior government transfers

The U.S. government has moved crypto to Coinbase Prime before, but the Monday transfer stands out because it is described as one of the largest government-linked wallet deposits to the platform this year.

Earlier examples cited in the record include a June transfer of 98,589 LINK tokens to Coinbase Prime, with Arkham tracing the underlying holdings to assets seized from FTX and Alameda Research. In April, around 8.2 BTC tied to the 2016 Bitfinex hack was also sent to Coinbase Prime. Together, these past movements suggest the government has used Coinbase Prime as a recurring destination when managing seized digital assets.

What changes on Monday is the combined value and the fact that both BTC and ETH—rather than a single asset class—were consolidated at once. That combination may increase the likelihood that some portion of the holdings could later be deployed in whatever structured process the government uses, though the path from transfer to trading remains unconfirmed.

What remains in government-linked wallets

Beyond the immediate transfers, the larger picture is still dominated by significant residual holdings tracked under government-linked addresses. Estimates cited in the same tracking indicate that U.S. government-linked wallets hold roughly $20.6 billion in crypto, including about 325,000 BTC, 28,000 ETH, 146 million USDT, and 750 Wrappd Bitcoin (WBTC).

That inventory underscores why every major transfer draws attention: if the government is systematically consolidating assets for future decisions, it could gradually change liquidity conditions for seized-asset markets over time.

At the same time, analysts and investors should be careful not to over-interpret a single custody transfer. Until there is evidence of exchange routing, OTC execution, or other signs of liquidation, the most defensible read is that the assets have been moved into a managed environment that can support multiple strategies—custody, financing, or potentially staking—rather than automatically signaling immediate sell pressure.

For now, market participants will likely watch for the next on-chain steps from these Coinbase Prime deposits—especially any transfers out to trading venues or counterparties. The key uncertainty is not whether the assets are held with a regulated custody provider, but whether the government’s operational workflow will ultimately align with the “no sale” direction discussed in policy narratives.

Ripple CTO Emeritus David Schwartz has challenged claims that the U.S. Securities and Exchange Commission focused only on Ripple’s sales of XRP. 

He said the agency’s complaint and public statements repeatedly described XRP itself as a security before the court rejected parts of that broader position.

The exchange followed comments from former SEC attorney Marc Fagel, who said the case ultimately turned on whether Ripple sold XRP through unregistered securities offerings. Schwartz argued that this summary leaves out the regulator’s original language and the court’s response to it.

Schwartz disputes narrower reading of SEC case

In a July 14 X exchange, Fagel said the SEC needed to prove that Ripple sold XRP as a security to establish a Section 5 violation. He added that the agency did not need to decide every secondary-market transaction in its case against Ripple.

Schwartz agreed that Ripple’s sales mattered but rejected the claim that this was the regulator’s only argument. He wrote, “The complaint itself frequently refers to XRP itself as the security.” He called the narrower retelling “an attempt at completely rewriting history.”

SEC complaint used broad language around XRP

The SEC’s December 2020 complaint said Ripple and its executives sold more than 14.6 billion units of a “digital asset security called XRP.” The regulator alleged that the sales raised more than $1.38 billion without registration or an exemption.

The SEC’s public announcement focused on Ripple’s alleged unregistered offering and its executives’ personal sales. Fagel later acknowledged that the agency’s messaging lacked nuance and that its points appeared to change during the case. He maintained that the final legal question concerned Ripple’s XRP transactions.

Court separated the token from each transaction

Judge Analisa Torres drew a distinction between XRP and the contracts or schemes used to sell it. Her July 2023 order said XRP, as a digital token, was not “in and of itself” a contract, transaction or scheme that met the Howey test.

The court then reviewed Ripple’s sales by category. It found that about $728.9 million in direct institutional sales constituted unregistered investment contracts. Programmatic exchange sales did not meet the same test because buyers did not know whether Ripple or another holder sold the tokens.

Ripple case ended with split ruling intact

The SEC and Ripple dismissed their appeals in August 2025, formally ending the civil case. The final judgment kept a $125.04 million penalty and a permanent injunction tied to future unregistered institutional sales.

Notably, the XRP community marked July 13 as the third anniversary of the 2023 ruling. The decision protected Ripple’s programmatic exchange sales while leaving its institutional transactions subject to securities law.

Related reporting showed that Ripple considered closing after the SEC filed its complaint. The company continued the case and spent about $150 million on its legal defense, according to Ripple executives, as reported by crypto.news.

Schwartz said the court’s rejection of the SEC’s broader position formed a major part of Ripple’s victory. Fagel said the outcome still centered on whether Ripple’s sales qualified as securities transactions. Their exchange reflects a lasting dispute over the agency’s legal burden, public wording and the ruling that followed. That distinction still shapes how XRP’s legal history is described.

Robinhood Chain has renewed debate over how much value Ethereum captures from Layer 2 networks.

Ethereum Daily said users paid about $843,000 in fees, while the chain sent roughly $1,600 to Ethereum for data availability and settlement.

Lorenzo Valente, a crypto analyst and contributor at ARK Invest, used an earlier snapshot showing about $816,000 in revenue and $1,538 in Ethereum costs. He estimated that Robinhood retained 89%, Arbitrum received 10%, and Ethereum captured 0.15%. The different totals likely reflect when each account collected the data.

Fee split renews debate over Ethereum’s Layer 2 model

Valente said the figures support two views of ETH. Higher activity can increase the asset’s use as gas, collateral and settlement money. However, Layer 2 networks may keep most user fees, leaving Ethereum with limited direct income from the transactions they process.

“Ethereum won this deal on merit. It’s just not pricing it right,” he wrote.

Robinhood Chain uses Arbitrum technology and posts data to Ethereum. Its licensing structure sends 10% of protocol net revenue to the Arbitrum ecosystem, including 8% for the DAO treasury and 2% for developer support.

Tokenized stocks strengthen the distribution case

Ethereum Daily argued that direct fees show only part of Robinhood Chain’s potential value. Robinhood launched Stock Tokens through Robinhood Wallet in more than 120 countries. Eligible users can trade them around the clock and use them in decentralized applications, including lending pools and collateral markets.

That reach could bring traditional investors into onchain markets through Apple and Nvidia-linked products. Users who begin with tokenized equities may later use decentralized exchanges, stablecoins, lending services and perpetual futures. The outcome still depends on demand, liquidity and continued product access.

Joseph Lubin supports low Ethereum fees

Ethereum co-founder Joseph Lubin defended the low-fee model. He wrote, “Ethereum L1 revenue fees should stay low to foster growth.” Lubin expects more companies to build across Ethereum mainnet, Layer 2 networks and private Ethereum-compatible chains in coming years.

His case focuses on wider ETH demand rather than immediate settlement income. More networks may use ETH for gas, collateral and staking. Mainnet transactions can also burn ETH. Still, the approach leaves an open question over whether Ethereum receives enough revenue from businesses operating above it.

Robinhood Chain records fast early growth

Robinhood launched the public mainnet on July 1 as an Ethereum Layer 2 built with Arbitrum. The company designed the network for real-world assets, trading and decentralized finance. Uniswap, Chainlink, Morpho and other providers supported the chain at launch.

As previously reported, Robinhood Chain passed $70 million in bridged Ether and $100 million in total value locked. Daily Uniswap volume later reached about $500 million, while the network processed millions of transactions. Lending products and incentive-linked strategies supplied early liquidity.

Separately, a crypto.news review found that the network produced $570 million in early trading volume against about $21.7 million in launch-day liquidity. The figures showed strong initial activity while raising questions about liquidity depth and whether usage will continue after early rewards decline.

The debate separates direct fee capture from wider network value. Ethereum receives a small share of Robinhood Chain’s user fees, while Arbitrum and Robinhood retain more. Ethereum may still gain through ETH use, settlement demand and new onchain users, but those benefits depend on sustained activity.

Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours and roughly flat on the week, per CoinDesk data. The market is steady on the surface but the macro backdrop underneath it has turned.

President Trump reinstated the U.S. blockade of Iranian ships through the Strait of Hormuz and demanded a 20% fee on all other cargo moving through the waterway, reviving a conflict that a June peace deal had appeared to settle.

Brent crude rose as much as 2.8% to about $85 a barrel, its second day of gains, and traders lifted bets on a Fed rate hike.

That combination runs directly against crypto. Oil pushing higher feeds the inflation pressure that kept the Fed hawkish through June, and the easing of that pressure was much of what let bitcoin recover from its late-June lows near $58,000. The peace trade is now unwinding, and rate-hike odds are climbing back.

Bitcoin has spent a month between roughly $59,000 and $66,000, and the majors are mixed. Ether held near $1,783 and is up on the week, while Solana, XRP and Hyperliquid are all down 5% or more over seven days.

Today’s June inflation print is the more immediate test. A soft number would ease the rate-hike pressure the Iran news just revived. A hot one, especially with oil climbing, would stack a second hawkish signal onto the first, two weeks before the Fed meets July 28 and 29.

The US government just staged its seized crypto for an exchange, and it took an extra hop to get there.

Wallets tied to the government moved about $288 million in seized bitcoin and ether onto Coinbase Prime over roughly half a day on Monday, blockchain data from Arkham shows. The ether went direct, while the bitcoin took a detour through fresh intermediary wallets first.

The movements are despite an executive order in March 2025 by President Donald Trump, which designated seized bitcoin for the country’s Strategic Bitcoin Reserve and said it should not be sold.

A government wallet tied to Ryan Farace, the “xanaxman” case, sent 2,875 BTC worth roughly $178 million to a new address, which forwarded the full 2,875 BTC to a Coinbase Prime deposit wallet minutes later.

A second wallet linked to defunct exchange BTC-e sent 925.512 BTC worth $57 million through the same pattern, in from the seizure address, straight out to Coinbase Prime. Both intermediary wallets were emptied out.

The ether skipped the middle step, however. A wallet connected to Brian Krewson, the Oracle employee named in a $54 million laundering scheme, sent 30,007 ETH worth $53.09 million directly to a Coinbase Prime deposit address.