Blockchain gaming platform The Sandbox has pledged to repay eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained 14.744 SAND, worth about $700,000, from an Ethereum vault. 

On Thursday, the company published a post-mortem, saying users who legitimately held bridged SAND on Base or BNB Smart Chain before the attack will receive an equal amount of Ethereum-based SAND. Compensation will come from The Sandbox treasury, with no new tokens minted. 

The claims process is expected to open within two weeks and remain open for another two weeks. Two centralized exchanges hold more than 72% of eligible balances and will distribute compensation directly to their affected customers, according to The Sandbox. 

The project said the attacker exploited a configuration flaw in SAND’s Base and BNB Chain contracts, allowing them to become the sole verifier of incoming bridge messages and mint unbacked tokens. The Sandbox confirmed that about 14.7 million SAND tokens were drained, equivalent to about 0.5% of the token’s 3 billion maximum supply. 

Although more than 339 trillion unbacked SAND was minted on the two networks, those tokens have been isolated and cannot be bridged or redeemed. SAND on Ethereum and Polygon was unaffected. 

The compromised bridge contracts will be permanently retired. The Sandbox said any future Base or BNB Chain bridges would use newly deployed contracts. 

SAND traded at about $0.04 at the time of publication, down 10.4% over the previous seven days, according to CoinGecko. 

Related: Hugging Face hack exposes the open-weight AI cybersecurity paradox

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The UK government has proposed expanding the Bank of England’s remit to explicitly include support for innovation in digital payments, with stablecoin-based payment systems in scope. The Treasury said the Bank would receive a secondary objective focused on improving payment innovation—while keeping financial stability as its top priority.

Announcing the change this week, HM Treasury said the central bank’s new innovation goal would cover payment systems that settle using digital settlement assets, including stablecoins. The government also signaled that the measure will be pursued through legislative amendments, with further scrutiny expected in the House of Lords in early September.

Key takeaways

• The Bank of England would gain a secondary mandate to support innovation in payment systems using digital settlement assets such as stablecoins.
• Financial stability remains the primary objective; the innovation goal is intended to “support,” not override, stability considerations.
• The Bank would report annually to Parliament on its progress toward the payments innovation objective, potentially increasing public scrutiny.
• The proposal is expected to be implemented through amendments to the Financial Services and Markets Bill, with House of Lords debate scheduled for Sept. 7 and 9.
• Industry focus remains on how the Bank operationalizes stablecoin requirements—particularly reserve and backing rules for systemic issuers.

How the Bank of England’s mandate would change

HM Treasury said the Bank of England’s new responsibility would extend an approach the central bank already uses for regulating central counterparties (CCPs) and central securities depositories (CSDs), which play key roles in how financial assets are cleared, held, and settled.

Under the proposal, the Bank would provide an annual report to Parliament detailing its progress toward the innovation objective for payments and emerging forms of digital money. Officials framed the change around the potential of newer technologies—including tokenisation and distributed ledger technology (DLT)—to reshape aspects of financial markets.

City Minister Lucy Rigby said developments in digital payments technology, including tokenisation and DLT, have the potential to transform financial markets globally.

The Treasury expects to deliver the objective via amendments to the Financial Services and Markets Bill. That bill is scheduled for further debate in the House of Lords on Sept. 7 and 9, placing the timing of any final implementation squarely in the coming legislative window.

Industry concerns center on implementation details

While the innovation objective would be secondary to financial stability, its practical impact could depend on how the Bank structures its annual reporting and enforcement priorities. Maksym Sakharov, co-founder and CEO of on-chain banking infrastructure provider WeFi, told Cointelegraph that the mandate’s wording matters less than how the Bank chooses to execute it.

Sakharov emphasized that the objective is designed not to “override nothing,” but the annual publication requirement could still intensify public and market attention on how stablecoin rules are evolving—especially those finalized by the central bank in June.

One element highlighted by Sakharov concerns systemic stablecoin issuers’ reserve composition. He pointed to requirements stating that at least 30% of backing assets must be held in non-interest-bearing deposits at the Bank of England. In his view, “the reserve split is the first thing to fix,” because it may influence whether a stablecoin issuer can sustain its business model.

His comment underlines a broader issue: innovation mandates may encourage experimentation, but firms’ real-world viability often hinges on balance-sheet mechanics and compliance costs—particularly where reserve rules and custody arrangements are involved.

As readers look for clues about what comes next, the key question is how the Bank will translate an innovation goal into measurable outcomes without loosening or changing the core stability framework. Annual parliamentary reporting will likely become one of the primary channels through which that tension is expressed.

UK stablecoin momentum builds alongside policy and pilots

The BoE innovation mandate is the latest development in a UK push to work through stablecoin use cases—from regulation to experimentation—while aligning with international counterparts. The announcement follows several steps that indicate stablecoins are increasingly being treated as a mainstream component of digital payments planning rather than a peripheral technology.

In August, participants in the Bank of England’s Digital Pound Lab began testing whether a stablecoin could interoperate with a simulated digital British pound for cross-border trade payments. The experimental platform, HM Treasury and related BoE materials indicate, does not involve real customers or funds; its purpose is to evaluate mechanics and interoperability rather than to launch a live commercial product.

Earlier, in mid-July, the UK and US published a joint statement on stablecoins. The governments said they “intend to enable the use of stablecoins in cross-border finance” and called for greater alignment of regulatory frameworks. The direction of travel is therefore not only domestic: it also aims to coordinate approaches so stablecoin-related payments can operate across jurisdictions with fewer friction points.

More broadly, the UK has also adjusted its stablecoin framework over time. Cointelegraph previously reported that the Bank of England dropped earlier plans to cap individual stablecoin holdings at 20,000 British pounds and business holdings at 10 million pounds. Instead, the approach shifted toward a temporary issuance cap of 40 billion British pounds (about $52.9 billion) for each systemic stablecoin.

That move signals that regulators are searching for a structure that both allows usage and limits systemic risk—an approach that will likely shape how the new innovation mandate is interpreted. If innovation is the goal, then limits on issuance, reserve backing, and eligibility for systemic designation become the practical tools used to manage risk.

What to watch as legislators and the BoE move forward

The next phase will largely be determined by how amendments to the Financial Services and Markets Bill are drafted and whether they preserve the clear hierarchy placing financial stability above payment innovation. Investors and builders should also watch for the first annual reporting cycle: it could reveal what the Bank of England considers “innovation progress” in stablecoin-related payments, and how far the regulator will go in encouraging experimentation while maintaining its stability standards.

Galaxy has partnered with industrial safety provider Total Safety to establish 24-hour fire, rescue and emergency medical coverage at its Helios Data Center Campus in Dickens County, Texas.

The agreement places paramedics, emergency medical technicians and rescue personnel at the campus as Galaxy expands Helios from a former Bitcoin mining facility into an artificial intelligence and high-performance computing center.

Galaxy said the dedicated service is intended to reduce pressure on Dickens County’s volunteer emergency responders. However, the company has not disclosed the contract’s financial terms, staffing level or date when the full service becomes operational.

Galaxy adds dedicated responders at Helios

Total Safety will provide continuous emergency coverage for incidents originating at the Helios campus. The announced service includes fire response, technical rescue, paramedic care and EMT support.

Galaxy did not identify the number of responders assigned per shift or describe the vehicles, medical equipment and firefighting systems stationed at the property. It also did not publish response-time targets or operational performance requirements.

The on-site team will complement local volunteer fire and emergency medical services rather than replace them. Galaxy said its goal is to handle campus incidents without adding to the workload of community responders.

Austin Storms, Galaxy’s co-head of data centers, said the arrangement would create a professional response capability on the company’s property. Whether it reduces demands on local agencies will depend on staffing, incident volume and coordination once operations begin.

Remote location increases the need for medical coverage

Galaxy said the nearest trauma center is approximately 60 miles away in Lubbock. That distance can add time before a patient reaches advanced hospital care after a workplace accident or medical emergency.

Galaxy has partnered with Total Safety to bring dedicated 24/7 fire, rescue, paramedic and EMT coverage to our Helios Data Center Campus in Dickens County, TX.

Through this on-campus emergency services partnership, Galaxy is adding a dedicated layer of emergency response for… pic.twitter.com/vpc9Xdzrmz

— Galaxy (@galaxyhq) August 27, 2026

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On-site paramedics can begin assessment, stabilization and treatment before transport. They cannot replace the surgical, imaging and specialist services available at a trauma center.

The Helios team may also assist Dickens County during grass fires, severe weather and other large incidents. Such assistance would operate through existing mutual-aid arrangements and coordination with local authorities.

Galaxy and Total Safety plan to train with local volunteer departments. The companies did not publish a training schedule, mutual-aid agreement or details governing when campus responders can be deployed elsewhere.

Helios growth adds industrial safety demands

The emergency-services agreement comes as construction and computing operations expand across Helios. Galaxy completed Phase I in June, delivering 200 megawatts of gross power and 133 megawatts of critical IT load to CoreWeave.

As previously reported, Galaxy converted the former Bitcoin mine into a revenue-generating AI data center under a 15-year lease. Rent began scaling with delivered capacity during the second quarter.

Phase II construction will add 260 megawatts of critical IT load, with initial data hall deliveries expected during the first half of 2027. Phase III is planned to add another 133 megawatts beginning in 2028.

Across all three phases, CoreWeave has committed to 526 megawatts of critical IT load. Galaxy says the leases could generate more than $1 billion in average annual revenue, assuming full utilization. That figure remains a company projection.

Galaxy builds a broader Texas infrastructure business

Helios currently has 800 megawatts of approved and contracted gross power. Galaxy says the campus could eventually support several gigawatts, but further expansion remains subject to grid studies, construction and customer demand.

The company financed the first phase through a $1.4 billion secured facility and $350 million of its own equity. In related coverage, Galaxy later pursued another $3.5 billion financing for the Texas expansion.

Galaxy has also acquired 500 acres in McGregor for another Texas data center. That project is targeting an initial 74-megawatt phase, with power delivery expected in 2028 if permitting, utility and construction milestones are satisfied.

At Helios, the next measurable safety developments will include the number of personnel deployed, equipment placed on site and completion of joint training with local responders. None of those operating details appeared in the initial announcement.

The partnership adds a dedicated emergency layer to a growing industrial campus. Its effectiveness will depend on implementation, coordination and the response standards Galaxy and Total Safety apply.

Evernorth Holdings moved closer to becoming a Nasdaq-listed XRP treasury company on Aug. 27 after the U.S. Securities and Exchange Commission declared its Form S-4 registration statement effective.

The effectiveness allows Armada Acquisition Corp. II to send definitive proxy materials and hold a shareholder vote on Sept. 30. It does not mean the SEC has approved the merger, Evernorth’s business model or XRP as an investment.

If shareholders approve the transaction and the remaining conditions are satisfied, the combined company expects to list on Nasdaq under the ticker XRPN. Evernorth said closing could follow shortly after the vote.

Evernorth merger vote is scheduled for Sept. 30

Armada shareholders who held shares on the Aug. 20 record date can vote at the virtual special meeting. The proposals include approval of the business combination and related corporate measures described in the definitive proxy statement.

Public shareholders can vote for the merger while separately choosing to redeem their shares. According to the proxy materials, redemption requests must be submitted by Sept. 28, two business days before the meeting.

The SEC has declared our registration statement effective!

Press release here: https://t.co/UMmvGU2kcb

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Armada Acquisition Corp. II shareholders will vote on the proposed business combination on Sept 30, 2026. Completion remains subject to that vote and to customary closing… pic.twitter.com/XqpG9IFXCG

— evernorthxrp (@evernorthxrp) August 27, 2026

Redemptions could reduce the cash that Armada contributes to the combined company. The final proceeds will also depend on financing commitments, closing adjustments and whether investors meet their funding obligations.

Armada raised $230 million through its May 2025 initial public offering. Its sponsor later changed to Arrington XRP Capital Fund after a $6.6 million securities purchase completed in August 2025.

SEC effectiveness does not approve the XRP strategy

The SEC’s effectiveness declaration means the registration statement can be used for the securities and shareholder solicitation connected to the transaction. It is not an assessment of whether the deal is fair or likely to succeed.

Evernorth’s own filing states that neither the SEC nor any state regulator has approved or rejected the proposed transaction, judged its merits or confirmed the disclosures’ adequacy.

The distinction matters because Evernorth’s value will remain closely tied to XRP. Changes in the token’s price can alter treasury value, net asset value and the amount of XRP represented by each company share.

Earlier filings used a signing XRP price of $2.36609 for parts of the transaction structure. That figure is a contractual reference point, not a forecast or guaranteed valuation.

Evernorth plans an actively managed XRP treasury

Evernorth intends to deploy capital across XRP-related infrastructure, lending, liquidity and other on-chain markets. The company says these strategies are designed to increase XRP per share over time.

That outcome remains a management objective. Lending and liquidity strategies can introduce counterparty, smart-contract, market and custody risks beyond those faced by companies that only hold digital assets.

The planned transaction has attracted commitments from Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR. Evernorth has previously described expected gross proceeds exceeding $1 billion, although redemptions and closing adjustments could change the final amount.

As crypto.news previously reported, Ripple contributed more than 126.7 million XRP to support the planned treasury. Earlier disclosures placed Evernorth’s broader holdings near 473 million XRP, but their dollar value changes continuously.

Shareholder approval becomes the next deadline

The Sept. 30 vote is now the main scheduled event. Armada must obtain the required shareholder approvals before the merger can close.

The parties must also satisfy the business combination agreement’s remaining conditions and Nasdaq’s listing requirements. If completed, Armada will combine with Evernorth and the resulting public company will operate under the XRPN ticker.

Executive compensation and potential dilution remain relevant considerations for voters. In related coverage, Evernorth disclosed an equity award valued near $44 million for CEO Asheesh Birla alongside other executive compensation arrangements.

Investors must also account for warrants, sponsor shares, private-placement securities and other shares registered through the transaction. An Evernorth legal opinion referenced up to approximately 34.5 million common shares and warrants covering about 11.5 million additional shares.

If shareholders reject the combination or a closing condition fails, the Nasdaq debut will not proceed on the current timetable. Evernorth’s announced late-third-quarter or early-fourth-quarter closing remains forward-looking until the transaction is completed.

Dunamu, the operator of South Korean cryptocurrency exchange Upbit, announced on Aug. 28 that it had formed a strategic partnership with Visa to explore stablecoin payments, international remittances and AI-driven financial services.

Dunamu CEO Oh Kyung-seok and Visa Global President Oliver Jenkyn presented the partnership roadmap at Visa’s Global Market Support Center in San Francisco on Aug. 26 local time. Visa Worldwide Pte. Limited, the payment company’s Asia-Pacific entity, signed the agreement with Dunamu before the event.

The partnership is confirmed, but the proposed services remain exploratory. The companies have not selected a launch date, blockchain, stablecoin, custody provider, settlement process or initial market.

Dunamu and Visa will study stablecoin payment models

The companies intend to combine Dunamu’s digital-asset infrastructure with Visa’s global payment network. Their stated areas of research include stablecoin payments, global transfers, merchant settlement and new user experiences.

Dunamu and Visa Partner to Explore Stablecoin Payments and AI-Driven Financial Services

Dunamu, the operator of South Korea’s largest crypto exchange Upbit, has entered a strategic partnership with Visa to explore stablecoin payments, global remittances, and AI-driven financial… pic.twitter.com/hYYT7NNV9y

— Wu Blockchain (@WuBlockchain) August 28, 2026

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The partners said services would be developed in stages while considering applicable laws and regulatory requirements. That wording means the agreement does not yet constitute a product launch or a commitment to offer stablecoin payments through Upbit.

Dunamu said stability, transparency, interoperability and regulatory compliance would guide the work. However, it did not identify how those principles would be implemented or which company would manage customer assets and compliance duties.

Visa has already expanded its stablecoin settlement and programmable payment work. In June, the company announced new infrastructure for stablecoins, tokenized deposits and AI-directed transactions.

OUSD returns as a possible partnership component

Dunamu and Visa will also evaluate business models involving Open USD, or OUSD, a dollar-backed stablecoin developed through the Open Standard initiative.

Open Standard says OUSD is intended for global payments and will let participating businesses mint and redeem tokens without fees or artificial volume limits. The initiative has named Visa, Mastercard, Coinbase, BlackRock and more than 140 other organizations as supporters.

Dunamu’s role requires careful framing. In July, the company said it had not agreed to issue OUSD or formally participate in its launch after being listed among Open Standard’s associated businesses.

As crypto.news reported, Dunamu described its Open Standard participation as a proposal it was still reviewing. The new Visa partnership confirms that both companies will examine OUSD-based models, but it still does not establish Dunamu as an issuer or operator.

AI research will include agentic commerce

The partnership also covers payment infrastructure for agentic commerce. In this model, an AI system searches for products, selects services and executes payments on a user’s behalf.

Dunamu and Visa said they would examine technology supporting authorization, payments and settlement for these transactions. They did not explain how users would approve purchases, establish spending limits or dispute an AI-initiated transaction.

Those controls are important because automated purchasing creates new questions involving identity, fraud, liability and consent. Stablecoin settlement can also be irreversible once tokens are transferred on-chain.

Visa has been developing tools for verifying AI agents and giving merchants more control over automated transactions. The Dunamu partnership could connect that work with digital-asset settlement, although no technical integration has been announced.

South Korean rules will determine what launches

South Korea has not completed its broader stablecoin framework. Lawmakers and regulators are still debating who may issue won-backed tokens and whether bank ownership should be required.

Dollar stablecoin payment and remittance services could also engage South Korea’s foreign-exchange, anti-money-laundering and virtual-asset rules. Dunamu acknowledged that regulatory requirements would affect how the partnership develops.

In related coverage, South Korean companies have expanded stablecoin payment trials while awaiting national legislation. Dunamu has also discussed separate stablecoin infrastructure work with domestic technology and financial companies.

The next verifiable milestone will be a defined pilot or product announcement. The companies would need to disclose the stablecoin, supported markets, blockchain, custody structure and customer eligibility before users can assess the service.

Until then, the partnership establishes a joint research and business-development framework rather than an operational payment product.