Grayscale’s filing for a proposed Worldcoin ETF has revealed that the 100 largest wallets control roughly 90% of the circulating WLD supply.

According to a recent SEC registration statement filed by Grayscale for its proposed Grayscale Worldcoin ETF, the largest 100 wallets held approximately 90% of all WLD in circulation as of the filing date. The disclosure appeared in the fund’s risk factors, where the asset manager outlined ownership concentration and governance risks tied to the token that would back the proposed exchange-traded fund.

The filing comes only days after Grayscale sought approval to list the product on Nasdaq under the ticker GWLD, offering investors direct exposure to Worldcoin through a traditional brokerage account instead of requiring them to purchase and store the token themselves. 

If approved, the trust would hold WLD directly, use the CoinDesk Worldcoin Benchmark Rate to determine its net asset value, and rely on BitGo Bank & Trust as custodian, while The Bank of New York Mellon would serve as administrator and transfer agent.

The ownership data disclosed by Grayscale differs from Worldcoin’s original vision for token distribution. 

Worldcoin’s whitepaper said most WLD tokens would eventually be claimed by individuals who verified themselves as unique humans through the project’s identity system. Grayscale instead warned that a relatively small group of early adopters currently controls a substantial share of the tokens already released.

The registration statement adds that it is “reasonably likely” that early holders own a significant portion of the circulating supply, making WLD more concentrated than its long-term distribution goals suggest.

One of the largest addresses identified in public blockchain data belongs to the bridge connecting Ethereum and World Chain, meaning part of the concentrated holdings may represent assets deposited by multiple users rather than a single owner. Even so, Grayscale’s filing presents the overall concentration level as a material risk for prospective investors.

Filing outlines governance and decentralization risks

Beyond token ownership, the filing also describes several parts of the World Network that remain under centralized control.

According to Grayscale, governance of the network continues to be substantially guided by the World Foundation despite previous plans to decentralize decision-making over time. The filing states that WLD may eventually be used for governance, although the mechanisms required to support that transition remain new and untested at scale.

The disclosure contrasts with earlier statements from the project, which had promoted proof-of-personhood as a foundation for one-person-one-vote governance. Grayscale’s prospectus says governance has not yet reached that stage and continues to rely largely on the World Foundation.

The filing also identifies operational risks linked to the blockchain itself. World Chain currently depends on a centralized sequencer, while upgrade functions remain under the coordinated control of a limited group associated with the World Foundation, Tools for Humanity, and Optimism, the Ethereum layer-2 infrastructure supporting the network.

Grayscale further states that the Orb devices used to verify users are still manufactured and distributed mainly by or under the direction of Tools for Humanity. The filing also notes that the World Foundation continues to exercise significant influence over the protocol, the WLD treasury, and ecosystem grants.

ETF proposal arrives after recent ecosystem developments

The governance disclosures accompany Grayscale’s broader proposal to launch the first U.S. exchange-traded fund holding WLD directly.

Under the proposed structure, the trust would function as a passive investment vehicle without leverage or derivatives. Authorized participants would create and redeem shares in blocks of 10,000, known as baskets, either by delivering WLD directly or through cash transactions facilitated by liquidity providers. Grayscale has not yet disclosed the management fee, seed investment, or the number of WLD represented by each share, leaving those details for future amendments.

The SEC filing does not guarantee regulatory approval, and Nasdaq cannot list the product unless regulators approve the registration process.

The proposed ETF follows several developments that have increased attention on Worldcoin during recent months. In June, Robinhood added WLD to its trading platform, giving the token access to a larger retail audience. 

Despite the listing, WLD fell nearly 15% on the day as traders focused instead on allegations reported by third parties involving Sam Altman and entities connected to the Worldcoin ecosystem, alongside continuing criticism of the project’s biometric identity verification system and token distribution model.

Pons has unveiled its V2 upgrade plan, introducing an ETH-based bonding curve, Uniswap V4 integration, creator payouts in ETH, and support for tokenized real-world asset trading pairs as Robinhood Chain’s competition among token launchpads continues to intensify.

According to an announcement published by the Pons team, the update is scheduled for next week and will redesign how tokens launch, trade, and transition into decentralized liquidity pools on Robinhood Chain. The team said the contracts are still undergoing audits with two partners, meaning every feature remains subject to change until deployment.

Bitcoin (BTC) started the week in positive territory, reclaiming $65,000 and extending its gains on Tuesday, crossing $66,000 and reaching an intraday high of $66,923.

However, the flagship cryptocurrency failed to cross $67,000 as another escalation in hostilities between the US and Iran raised oil prices and dampened optimism.

Bitcoin Stumbles After Fresh Geopolitical Headwinds

Bitcoin (BTC) almost breached the $67,000 mark before sellers stepped in and drove prices lower. Price action is still being dictated by three key drivers: US-Iran tensions, the Federal Reserve meeting scheduled for July 28 and 29, and risk appetite. The immediate reason for BTC’s latest downturn is fresh tension between the US and Iran.

The ongoing geopolitical situation has adversely impacted global markets and investor sentiment. Oil prices briefly declined thanks to a fragile truce between the warring nations.

However, the latest round of escalatory actions has pushed prices higher again. US Crude rose nearly 3% to $84.70 per barrel as supply fears, amid the prospect of another closure of the crucial Strait of Hormuz, resurfaced. Rising oil and energy costs could push inflation higher. A report in Reuters also confirmed a damaged tanker near the Strait of Hormuz and warned of delays in Saudi crude shipments. Houthi forces have also issued threats to ships in the area.

Clarity Act Progress And Sustained ETF Inflows Behind Bitcoin Push Above $65,000

Bitcoin (BTC) pushed higher on Tuesday after the Trump Administration reached an agreement on comprehensive federal ethics rules. The rules could also apply to President Donald Trump’s crypto interests, an issue raised repeatedly by Senate Democrats. However, it remains unclear how the restrictions will be imposed. Democratic senators have pushed for tighter restrictions on political crypto dealings, with Senator Elizabeth Warren stating that a bill that does not address the president’s links to the crypto industry would be worthless.

Reports of the agreement also pushed crypto-linked stocks higher, with Coinbase and Circle shares surging nearly 10%.

Meanwhile, spot Bitcoin ETFs extended their inflow streak for a sixth day, recording $203.2 million in inflows on Tuesday, according to Coinglass data. Total inflows over the past six days currently stand at $930.2 million. Additionally, over $223 million was liquidated in 24 hours, of which $181 million were short positions.

Bitcoin Price Action

Bitcoin (BTC) briefly pushed above the upper Bollinger band when it crossed $66,000, indicating substantial buying pressure. However, with sellers dominating around $67,000, the flagship cryptocurrency has lost ground over the past two sessions.

BTC reached an intraday high of $66,923 on Tuesday but failed to cross the resistance at $67,000. As a result, it declined to $66,086 and has extended its decline during the ongoing session, and currently trades around the $65,700 mark.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Kakao Group has partnered with stablecoin issuer Circle to explore payment infrastructure for won-backed stablecoins as South Korea prepares a broader regulatory framework for crypto assets. 

On Thursday, the companies announced that Kakao, Kakao Pay and Kakao Bank had signed a strategic memorandum of understanding (MOU) with Circle Internet Group. Under the agreement, the companies will explore ways to connect Circle’s blockchain and global payment infrastructure with Kakao’s consumer platforms and financial services.

The agreement highlights how major South Korean consumer and financial platforms are positioning themselves ahead of expected stablecoin legislation, even before the regulatory framework is finalized. 

Under the MOU, the companies plan to examine stablecoin payments, cross-border remittances, merchant settlement and connections between existing financial systems and blockchain networks. 

The companies will also consider support for tokenized financial services, but they did not disclose any products or launch timelines.

Cointelegraph reached out to Circle and Kakao Group but did not receive a response before publication. 

South Korea’s stablecoin framework 

South Korea has been working toward legislation governing won-backed stablecoins as policymakers seek to encourage digital payment innovation while addressing risks related to reserves, redemption and issuer oversight. 

The government has been preparing a bill that would establish requirements covering stablecoin issuance, collateral management and internal controls. Lawmakers have also introduced competing proposals as support has grown for won-pegged tokens aimed at reducing reliance on the US dollar. 

However, the regulatory process has stalled over disagreements about which institutions should be permitted to issue won-based stablecoins. 

The Bank of Korea, the country’s central bank, argued that banks should retain a majority stake in stablecoin issuers, while the Financial Services Commission warned that eligibility limits could restrict competition and innovation. 

In its economic growth strategy announced on July 14, the government listed advancing the Digital Asset Basic Act among its priorities for the second half of 2026. 

Related: South Korean regulator misses stablecoin bill deadline: What’s next?

Meanwhile, companies and financial institutions have begun testing the technology in South Korea. In April, internet bank Kbank partnered with Ripple to test blockchain-based remittances. 

In May, KB Financial Group completed a pilot covering stablecoin issuance, offline merchant payments and cross-border remittances through the Kaia blockchain. The group said it was preparing to introduce stablecoin services once the regulations take effect. 

Magazine: Why Australia’s $17B crypto opportunity depends on regulation

Coinbase has expanded its Singapore operations with a new office and announced plans to increase its local workforce by about one-third to around 200 employees by the end of 2026.

According to The Business Times, Nasdaq-listed crypto exchange Coinbase officially opened its new Singapore office at One Raffles Quay on July 22 and plans to grow its local headcount from about 150 employees to around 200 over the next 18 months. 

The hiring drive will focus primarily on engineering, customer service, relationship management, and institutional sales, Singapore country director Hassan Ahmed said in an interview with the publication.

The expansion comes as Coinbase continues to strengthen its presence in one of Asia’s most established digital asset markets. Speaking to The Business Times, Ahmed described Singapore as “one of the world’s most trusted financial hubs and one of Coinbase’s fastest-growing international markets.”

“This new office reflects our long-term confidence in Singapore as a strategic hub for innovation, talent, and responsible growth across the Asia Pacific, giving us the resources to work more closely with local authorities, invest in talent, and scale partnerships,” Ahmed said.

The move also stands in contrast to Coinbase’s workforce reductions announced earlier this year. On May 5, the company said it would reduce its global staff by about 14% as part of a cost management effort driven by market volatility and increasing use of artificial intelligence. At the time, Coinbase said it would reorganize teams around AI capabilities while reducing management layers.

Despite those global cuts, Ahmed told The Business Times that Coinbase sees strong long-term opportunities for cryptocurrencies and stablecoins in Singapore and across Asia, supporting the company’s decision to continue hiring in the country.

Singapore remains central to Coinbase’s Asia strategy

Ahmed attributed Coinbase’s continued investment to Singapore’s regulatory clarity and business environment, which he said helped the country establish itself as an early digital asset hub.

According to him, Singapore was “much ahead of other jurisdictions and hubs that were also vying to be digital asset hubs” when the regulatory framework for digital assets was being developed. He also cited the country’s business-friendly operating environment, favorable tax structure, and access to capital as additional reasons behind Coinbase’s expansion.

Coinbase’s relationship with Singapore’s regulators has developed over several years. The company first received a temporary exemption from licensing requirements in March 2020 before obtaining an in-principle approval from the Monetary Authority of Singapore (MAS) in October 2022.

Subsequently, in October 2023, Coinbase secured a full Major Payment Institution license under Singapore’s Payment Services Act, allowing the exchange to operate as a fully licensed digital payment token service provider in the country.

At the time, Coinbase identified Singapore among six priority international markets for its expansion strategy, alongside the European Union, Canada, the United Kingdom, Australia, and Brazil. The company also pointed to Singapore’s growing crypto adoption, noting that the country had become one of the world’s leading digital asset markets.

Investment in Singapore continued after the licensing milestone. In November 2024, Coinbase launched an Engineering Hub in partnership with the Singapore Economic Development Board to support blockchain infrastructure development and local engineering talent. The company said the initiative would help developers build applications for the on-chain economy while strengthening Singapore’s position as a regional technology center.

Coinbase also expanded local payment infrastructure through support for the Singapore dollar-backed stablecoin XSGD in partnership with StraitsX and Coinbase Business, allowing companies to access stablecoin-based payment services.

Institutional demand and tokenization gain momentum

Looking at market demand, Ahmed told The Business Times that accredited and institutional investors have continued increasing their interest in both digital assets and blockchain technology.

He also said tokenization has attracted considerably more attention as governments and regulators introduce frameworks covering digital assets.

As examples, Ahmed pointed to the U.S. GENIUS Act, the European Union’s Markets in Crypto-Assets regulation, Hong Kong’s stablecoin ordinance, and Singapore’s own tokenized Treasury bills pilot alongside its stablecoin regulatory framework.

According to Ahmed, market participants increasingly expect financial markets to operate continuously rather than within traditional business hours.

“Consumers and traders now have an expectation of 24/7 trading markets, and they want to apply this technology to tokenize assets to make them 24/7,” he said. “They also want to use stablecoins to do instant settlement.”

His comments come as tokenized real-world assets and regulated stablecoins continue receiving attention from financial institutions across multiple jurisdictions, with several governments introducing dedicated legal frameworks over the past year.

AI becomes another investment priority

Beyond hiring and digital assets, Coinbase is also exploring how artificial intelligence can be integrated with blockchain technology.

Ahmed told The Business Times that one area under evaluation involves equipping AI agents with stablecoin wallets so they can perform transactions while maintaining transparent on-chain records of their activity. He added that blockchain could provide an auditable record of actions taken by AI systems.

The company is also introducing AI across its internal operations, particularly within engineering teams. Ahmed emphasized, however, that people would continue overseeing important decisions rather than handing complete control to automated systems.

“Digital assets and AI are effectively colliding,” Ahmed said. “We are very excited about the potential of AI.”

Coinbase is pursuing its Singapore hiring plans even as its shares have faced fresh volatility in the United States. On July 22, Coinbase shares dropped roughly 4% after Polymarket reduced the odds of the CLARITY Act passing before the end of 2026 amid disagreements over proposed ethics provisions.