Crypto World
Canton Network tapped for US benefits pilot in 3 states
Digital Asset and the American Idea Foundation have selected Canton Network for a three-state US benefits pilot scheduled to begin in the first quarter of 2027, subject to federal approval.
Summary
- Three US states are expected to begin testing the RISE program in early 2027.
- RISE would combine separate benefits into monthly or twice-monthly payments.
- Canton would apply spending rules while limiting access to recipients’ sensitive information.
- The participating states and benefit programs have not yet been disclosed.
Digital Asset and the American Idea Foundation said in a Friday announcement that they will support three states preparing to test the Resources for Independence, Stability, and Employment program, known as RISE.
Former US House Speaker Paul Ryan founded the American Idea Foundation, a Wisconsin-based nonprofit focused on economic policy and programs designed to address poverty. Digital Asset created the Canton Network, which will provide the technology used to distribute and monitor benefits during the pilots.
Subject to federal approval, the first programs are expected to begin in the first quarter of 2027. Neither organization identified the three states, the federal agencies involved in the approval process, nor the benefit programs that would take part.
RISE would combine separate benefit payments
Under the proposed model, states could combine assistance from several programs into one or two payments each month. Digital Asset and the foundation said existing programs often use separate eligibility requirements, reporting procedures, payment dates, and income limits, making them difficult for recipients and agencies to manage together.
RISE would let states assign money to categories such as food, child care, and cash while preserving the rules attached to each program. According to the announcement, the platform could verify a recipient’s identity and participation requirements, provide mobile access, and apply spending restrictions when funds are used.
As household income changes, the system would also recalculate the amount of assistance available to a family. The organizations said the mechanism is intended to reduce sudden losses of support when recipients enter the workforce or earn more money.
Paul Ryan said the pilots would examine whether states can reduce such penalties while keeping benefit programs accountable.
“By combining fragmented benefits, reducing penalties as families earn more, and rigorously measuring results, these pilots can help show what a modern safety net should look like.”
Rather than maintaining separate records for every participating program, authorized agencies would receive access to information covering deposits, purchases, balances, declined transactions, and spending by benefit category. Nonprofit case managers and independent researchers could also view the information permitted for their respective roles.
Digital Asset said government dashboards would show enrollment records, pending approvals, completed tasks, payment eligibility, and the total value of distributed funds. Access would depend on each organization’s permissions, limiting the amount of personal or transaction data visible to parties outside a case.
Canton Network would control data access and payment rules
Canton would coordinate the rules, permissions, and transactions behind each payment while maintaining controls over sensitive information, according to Digital Asset. States could encode individual benefit requirements into the distribution process instead of applying every rule after a payment has been made.
Transaction records would give agencies an audit trail showing how money entered the system and where recipients spent it. Digital Asset said participating governments could use the records to monitor compliance and identify payments that did not follow program conditions.
Yuval Rooz, Digital Asset’s co-founder and CEO, said Canton allows approved participants to coordinate transactions and share rules while retaining the privacy and control required by institutions. RISE would apply the network’s existing permission system to public-benefit administration rather than capital-market settlement.
The evaluation phase is expected to track employment, earnings, benefit use, education, training, housing, and household stability. According to the announcement, governments and independent evaluators would receive transaction and compliance data during the program instead of relying only on later reviews.
Results from the first three states would inform further pilots. The organizations said later versions could be adapted to different state rules, case-management systems, benefit structures, and groups of recipients, although they did not provide a schedule for additional deployments.
Canton has tested private payments and government bonds
Canton’s earlier projects have concentrated on regulated financial transactions that require participants to share selected information without publishing complete records on a public ledger.
In June, crypto.news reported that Visa and Brale had begun a private stablecoin settlement test using SBC, Brale’s US dollar-backed token. The proof of concept examined whether financial institutions could settle payments while restricting confidential transaction data to involved parties and authorized regulators.
Four Mitsubishi UFJ Financial Group companies launched a Japanese bond repo trial in August with Digital Asset and Progmat. The participants are testing automated processing and real-time settlement for transactions backed by Japanese government bonds.
Supported through Japan’s Financial Services Agency Payment Innovation Project, the MUFG test also covers the possible use of tokenized deposits or stablecoins for the payment side of repo trades. A separate April trial involving Japan Securities Clearing Corporation, Mizuho, Nomura and Digital Asset examined whether Japanese government bonds could move as digital collateral while retaining their status under the country’s existing laws.
Institutional access expanded again in August when Interstice Digital introduced a cross-chain swap engine connecting Canton with Ethereum, Solana, and Robinhood Chain. FalconX supplies liquidity for the system, while Interstice said its structure does not require the company to hold users’ assets.
Canton Coin gains a direct US investment route
For US investors, Canton Network already has a connection to the regulated securities market through 21Shares’ exchange-traded fund. The asset manager launched the Nasdaq-listed Canton ETF under the ticker TCAN in May, giving brokerage customers exposure to Canton Coin without requiring them to hold the token directly.
21Shares listed the fund with a 0.50% gross expense ratio and described it as the first US ETF tied to Canton Coin. The issuer said institutions including Goldman Sachs, Microsoft and Deutsche Bank had participated in network testing, validation or governance, while cautioning that their involvement did not amount to an endorsement of the token or ETF.
Canton Coin, used to pay transaction fees through the network’s Global Synchronizer, was trading near $0.107 on Aug. 21. Market data showed a capitalization of about $4.2 billion, a 23rd-place cryptocurrency ranking and a gain of roughly 9% over the previous seven days.
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BitMEX co-founder Arthur Hayes delivered a blunt message to investors following a sudden market surge, telling Crypto Banter host Ran Neuner that avoiding risk assets right now would be foolish.
His comments came just after the US Treasury moved to double the size of its debt buybacks.
Note: Arthur Hayes recent crypto trading actions have been anything but examplarary. BeInCrypto published an extensive analysis of his publicly known wallets. KOL comments and discussions shouldn’t be considered as investment advice.
What Triggered Hayes’s Bullish Call
Soft yield curve control refers to central bank or Treasury actions that cap bond yields without formally announcing a fixed target, injecting liquidity through indirect market intervention. Hayes described the buyback expansion in exactly those terms.
“You’re an idiot if you’re not long stocks, long gold, long Bitcoin, long the market,” Arthur Hayes said, linking the Treasury’s actions directly to renewed liquidity-driven gains.
Treasury Secretary Scott Bessent announced the expansion targeting longer-dated Treasuries. Markets had been testing the 5% level in 10-year yields, a threshold many view as unsustainable for US debt servicing.
By increasing buybacks, the Treasury effectively capped yields, injecting liquidity much like previous interventions under Janet Yellen.
Hayes argued that when governments suppress bond yields artificially, private capital flees fixed income in search of scarce alternatives.
“That’s why markets ripped gold, Bitcoin stocks, right? This is the the Yellen put if you want to call it that. Uh she started this. Um, funny at the time, you know, he wasn’t this treasur treasury secretary then. You know, Scott Bessent had a lot of choice words for how moronic it was that uh Janet Yellen was issuing so much debt at the short end,” Hayes explained.
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He drew a parallel to the Bank of Japan’s decade-long experiment with yield-curve control, arguing that capped yields inevitably push capital toward equities, gold, and Bitcoin.
Why Hayes Sees This as the Start of a Pattern
The immediate market reaction validated his view. The 30-year Treasury yield fell, Bitcoin broke above key moving averages near $70,000, equities rose, and altcoins turned sharply green.
Hayes called the move a recognition that authorities will keep intervening to defend debt sustainability, creating a series of liquidity injections over time rather than a single event.
With the Federal Reserve holding rates steady to support Treasury operations and additional tools, such as expanded repo facilities, still on the table, Hayes sees the policy bias as firmly pro-asset prices. He added that Trump’s focus on a strong stock market further aligns those incentives.
While acknowledging that part of Bitcoin’s sharp move reflected a short squeeze, Hayes stressed a deeper structural shift: governments now prioritize debt defense over free-market pricing of yields.
“The balance sheet expands infinitely because the market say, ‘Oh, you want to you want a capul 5%? Yours. Here are all these bonds. I want equities. I want gold. I want Bitcoin. I want anything that has a scarce supply if you’re going to create more dollars to artificially manipulate these yields.” BitMEX co-founder noted.
In that environment, he argued, holding cash or staying under-allocated to equities, gold, and Bitcoin becomes the riskier choice. Hayes said he remains heavily positioned, having stayed risk-on for weeks with significant exposure to both Bitcoin and Ethereum.
His words, which also touched on his new project Flop Labs, underscored a simple thesis for the current regime: stay long scarce assets while authorities keep printing and intervening.
“I mean, I’ve been riskon for a, you know, a few weeks now. I mean, we pumped a lot into Ethereum, bought some Athena, bought some Ethery. So, we’re pretty much at probably maximum risk, I would say, right now, uh, given our holdings and so, you know, just sitting back and watching the number go up on the screen. So, it’s nice,” Hayes said.
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The post Arthur Hayes Shares Surprising Tip on Stocks, Gold, and Bitcoin appeared first on BeInCrypto.
NoOnes has shut down, telling users to withdraw funds immediately. The team warned that balances tied to the platform may be flagged after August 23.
The peer-to-peer marketplace served more than 2.5 million users in three years. Sanctions cost it essential partners, leaving withdrawals as the only function still running.
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NoOnes Shuts Down After Sanctions Hit
NoOnes said it worked to resolve and remove the sanctions, but failed. Blockchain monitoring providers then classified its wallets and transactions as high risk.
This has made it difficult for the platform to process transactions and operate normally.
“We explored every possible option, but continuing NoOnes was no longer sustainable,” the blog read.
The wind-down began on August 17. The P2P marketplace closed on August 21, taking Swap, the Visa card, crypto off-ramps, the gift card store, and Lightning payments with it.
Withdrawals now run only through the Bitcoin (BTC) network and Tether (USDT) on TRON. The team strongly advised users to withdraw their entire balance immediately and no later than Sunday, August 23, 2026.
“Because of the EU sanctions listing, external compliance providers may review or change the risk ratings of certain NoOnes company wallets,” the team said.
The Council of the EU adopted its 21st sanctions package against Russia in late July. Binance will also stop processing transactions involving several platforms on August 23.
Crypto Closures Pile Up While BitMart Changes Course
NoOnes joins a long 2026 list. OrdinalsBot announced its wind-down this week after three years. More than 120 crypto projects have shut down in 2026, according to RootData.
Alea Research reviewed 110 of those cases through mid-August. Decentralized Finance (DeFi) accounted for 40 closures (36%), while centralized exchanges accounted for only 7.
One name has since moved the other way. BitMart said this week that it is weighing a restructuring plan rather than a full liquidation, with a roadmap expected by September 9.
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The post Crypto App NoOnes Shuts Down After Sanctions, Affecting 2.5M Users appeared first on BeInCrypto.
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Franklin Templeton is preparing to put tokenized assets inside its conventional mutual funds and ETFs, Bloomberg reported on Thursday, eight days after SEC staff cleared the firm to hold its $721 million blockchain-based money market fund in those portfolios.
Franklin characterizes relief as the first US regulatory clearance for digitally native products inside conventional funds.
“It is not a rule, regulation, or statement of the Commission, and the Commission has neither approved nor disapproved its content,” the Division of Investment Management wrote on August 12, adding that it “has no legal force or effect.”
Staff set aside paragraphs (b), (e), and (f) of Rule 17f-2 under the Investment Company Act of 1940, the provisions built around vault custody of share certificates.
The Franklin OnChain U.S. Government Money Fund (FOBXX) reported net assets of $720,928,224 on July 31 and a 3.50% seven-day net yield. Franklin Templeton Investor Services will open a separate wallet on Stellar for each investment fund.
Twelve Conditions Attached
Staff attached twelve conditions. Each fund’s board of trustees must approve the arrangement and review it at least annually.
FTIS has to retain the power to correct errors, freeze or migrate wallet records and restore the official ownership record, and if it ever stops acting as transfer agent it must hand the successor administrative control over the smart contracts.
Independent public accountants must verify each fund’s holdings at least three times a fiscal year, two without prior notice. Moreover, funds may use the shares for cash balances and securities lending collateral. CryptoPotato reported in December that BENJI served as collateral in a SemiLiquid credit pilot, staying encumbered across the loan lifecycle.
Relief Rests on a 1992 Letter
Staff granted the position by analogy to a September 24, 1992 letter to Franklin Investors Securities Trust, which covered a master-feeder arrangement where an affiliated transfer agent held fund shares in book-entry form. Franklin argued a Stellar wallet raises the same question, since FTIS still maintains the official ownership record and keeps unilateral control over it.
The letter names 23 investment managers, among them Putnam, Western Asset, ClearBridge, BrandywineGLOBAL, Royce and Clarion Partners. CryptoPotato has covered Franklin’s agreement to buy 250 Digital, the firm spun out of CoinFund, as its digital asset arm passed 50 staff.
On August 18, the SEC proposed the Regulation Crypto Assets with $5 million and $75 million offering paths, a proposed rule carrying a 60-day comment period. Franklin’s request was signed by Navid J. Tofigh, Senior Associate General Counsel, and answered by Taylor Evenson, Senior Counsel.
The post Franklin Templeton Wins SEC Staff Relief for Its $721M Onchain Fund appeared first on CryptoPotato.
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This week, Binance founder Changpeng Zhao (CZ) finally revealed why he chose to face US prosecutors during his AML violation case despite holding UAE citizenship that could have kept him from the grasp of US law enforcement.
His account offered a rare explanation of his thinking before a four-month prison sentence and the end of his leadership at Binance.
CZ Says Running From the Case Was Never an Option
Zhao talked about the matter in a fireside chat with Anthony Scaramucci on August 19 at the Wyoming Blockchain Symposium in Jackson Hole, stating that he had become a citizen of the United Arab Emirates approximately six months before the Binance case became public and that the country has no extradition treaty with the USA.
He could have stayed in the Middle East and avoided US courts altogether, but he said that option didn’t feel honorable to him.
“Actually, I was granted citizenship of the UAE, but I didn’t want to leverage that,” Zhao explained. “That’s just the wrong thing to do.”
According to him, resolving the case one way or the other was better for himself, Binance, BNB holders, and the wider crypto industry.
“When the US government is going after you, you don’t dodge it,” declared the former Binance CEO. “You shouldn’t be hiding or running away from it.”
But on the other hand, Zhao had quite different expectations about the punishment he would face. He told Scaramucci that he never expected to get imprisoned since his case had no fraud, just one Bank Secrecy Act violation.
CZ also compared his sentence with that of former BitMEX executive Arthur Hayes, who received six months of home confinement after pleading guilty to one count of violating the Bank Secrecy Act by failing to establish adequate AML and KYC at his exchange.
Zhao, meanwhile, got four months in federal prison for fundamentally the same personal offense. And while that was still a much shorter jail term than the three years the Justice Department had recommended, it was certainly more than the no-prison-time his legal team had asked for.
“I think I’m still the single only person that went to jail for a single violation of a Banking Secrecy Act,” he remarked.
A Case That Ended With Prison, Then a Pardon
In the interview, CZ also reflected on Binance’s position at the time of the case. He pointed to its status as the world’s largest crypto platform while stressing that it was neither US-based nor China-based.
“We’re not US-based, we’re not China-based, but look Chinese, so kind of an easy target,” he said. “I don’t blame them. It is what it is.”
The 48-year-old stepped down from his position at the helm of Binance after the exchange agreed to a $4.3 billion settlement with US authorities.
He himself also paid a $50 million personal penalty before heading to the Federal Correctional Institution (FCI) Lompoc II in Santa Barbara, California, to serve out his sentence, leaving the facility near the end of September, 2024.
A year after that, President Donald Trump gave him a full and unconditional pardon.
The post CZ Reveals Why He Didn’t Use UAE Citizenship to Avoid US Charges appeared first on CryptoPotato.
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