Federal Reserve Governor Michael Barr has backed a decisive interest rate increase if inflation fails to ease, as Polymarket traders place the chance of a 2026 hike at 72%.

Barr supports a Fed rate hike if inflation stays high

The Federal Reserve said in Barr’s Sept. 1 prepared remarks that inflation remains too high after more than five years above the central bank’s goal, leaving policymakers to decide whether current rates are restrictive enough.

Speaking at the Second Chance Lending Forum in Washington, Barr said the Fed has time to review the data before its Sept. 15–16 Federal Open Market Committee meeting. His position depends on whether upcoming reports provide clear evidence that price growth is returning toward the central bank’s 2% target.

“If trends in the data give me some confidence that inflation is moderating on a path to 2 percent, then I think we can take a bit more time to assess our policy stance,” Barr said.

If the data fail to provide that confidence, Barr said the central bank should respond without delay.

“However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates,” he added.

Inflation fell from a peak of more than 7% in 2022 to slightly above 2% in 2024, according to Barr. Progress then stalled in 2025 as tariffs, the conflict in the Middle East and spending linked to the rapid expansion of artificial intelligence placed fresh pressure on prices.

Barr also pointed to persistent inflation in core non-housing services, which cover services other than housing and exclude some of the categories most affected by short-lived price changes. With inflation remaining above target for an extended period, he warned that price pressure could spread across more parts of the economy.

The latest Personal Consumption Expenditures data placed annual headline inflation at 3.7%, while core PCE inflation stood at 3.3%. The PCE price index is the Fed’s preferred inflation measure, making its path central to the rate debate.

Fed officials have raised pressure before September

Barr’s comments have added another voting member to the group of officials prepared to consider higher borrowing costs. As a member of the Federal Reserve Board, he holds a vote at every FOMC meeting.

Fed Chair Kevin Warsh delivered a similar message during his Aug. 28 Jackson Hole address, saying policymakers needed to be confident that inflation was moving toward the 2% objective “clearly and at sufficient speed.”

“We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,” Warsh said.

As previously covered by crypto.news, Warsh described the 2% PCE inflation goal as a “firm, fixed target.” He also said that 54% of the 199 goods and services in the PCE basket had recorded price increases above 3% during the previous 12 months.

The Federal Open Market Committee held its target rate at 3.50%–3.75% during its July 28–29 meeting. Most members supported waiting for more information, but Minneapolis Fed President Neel Kashkari, Cleveland Fed President Beth Hammack, and Dallas Fed President Lorie Logan preferred an immediate quarter-point increase.

Earlier in August, Kashkari said it was time to start moving rates up gradually as inflation remained above target and the U.S. economy continued to withstand current borrowing costs. The July policy split left the September decision dependent on inflation, employment, and developments affecting energy prices.

Barr described the U.S. economy as solid, supported partly by investment in artificial intelligence. Consumer spending has remained resilient, while the labor market has stayed stable with relatively low unemployment, according to his remarks.

Traders raise Fed rate hike bets to 72%

Polymarket traders now assign a 72% probability to at least one Federal Reserve rate increase before the end of 2026, according to the prediction market figures cited in the supplied report. The probability stood at 68% following Warsh’s Jackson Hole speech and at 64% in early August.

A separate Polymarket contract places the chance of a 25-basis-point increase at the September meeting at approximately 57%. Prediction-market probabilities change as traders open and close positions, and they do not represent a commitment from the Fed.

Market pricing has risen quickly in recent weeks. In early August, Polymarket traders assigned a 46% chance to a September quarter-point increase, while the probability of at least one hike during 2026 stood at 64%.

CME-based estimates also put the probability of a September increase at about 57% following Warsh’s speech, according to an Aug. 31 Bitfinex report. The figure had stood at 39.9% on Aug. 21, while the two-year U.S. Treasury yield later climbed to around 4.31%.

A rate increase would raise the Fed’s current target range to 3.75%–4.00% if officials approve a quarter-point move. Policymakers could also leave rates unchanged in September and consider an increase at one of the remaining meetings in October or December.

For U.S. crypto investors, a higher policy rate could affect Treasury yields, the dollar, and demand for assets that do not produce fixed income. BTSE Chief Operating Officer Jeff Mei said in an Aug. 31 report that higher rates could reduce the liquidity available to Bitcoin and other cryptocurrencies.

Bitcoin traded near $78,700 when the report was published after falling from above $81,000 to a low of $76,857 following Warsh’s address. U.S. spot Bitcoin exchange-traded funds still recorded $924.5 million in net inflows during the week, although investors withdrew $201.9 million on Aug. 28.

Oil and U.S. data could shape the September decision

Energy prices have created another inflation concern as fighting between the United States and Iran threatens oil shipments near the Strait of Hormuz. Brent crude moved above $90 on Aug. 31, while West Texas Intermediate also advanced as traders assessed the risk of supply disruptions.

Bitcoin held close to $78,000 during the initial market response, even as oil rose and equity futures declined. The oil-driven market pressure followed U.S. strikes on Iranian rocket launchers and warnings from Iran that it would respond.

Barr identified the Middle East conflict as one of the shocks that pushed inflation away from its previous path. Tariffs have also raised goods prices, while the AI construction boom has increased demand for equipment, electricity and other resources, according to his prepared remarks.

Before deciding on rates, officials will receive several U.S. reports that could change market expectations. The August employment report is scheduled for Sept. 4, with investors set to examine payroll growth, unemployment, and wages.

Consumer Price Index and Producer Price Index figures are also due before the Sept. 15–16 meeting. Barr said evidence that inflation is moving toward 2% would allow officials more time to assess policy, while insufficient progress would support decisive action to raise rates.

Long-dated sovereign bonds are drawing fresh attention after a broad sell-off pushed yields higher across key markets, with Japan’s 30-year JGB yield setting a new record level. The move comes amid heightened focus on how currency and debt-financing dynamics could spill into global risk assets, including Bitcoin.

On Tuesday, Japanese government bond pressure intensified: the 10-year JGB yield jumped above 3% for the first time since 1996, while the 30-year yield topped a record 4.18%. In the US, long-dated Treasuries also sold off, with the 10-year yield rising to a multi-year high and standing at about 4.78% at the time of writing.

Key takeaways

• Japan’s long end of the yield curve accelerated sharply, with the 30-year JGB yield clearing a record 4.18%.
• US long-term yields moved higher in parallel, reinforcing the idea of a synchronized global duration sell-off.
• Market commentary is reviving “debasement” narratives tied to potential future dollar-liquidity measures and yen stabilization efforts.
• Bitcoin held near $78,000 during the bond sell-off, but faces nearby resistance and a defined trading range from prior coverage.
• Equities and risk sentiment remained fragile as S&P 500 futures slipped and oil prices moved higher amid renewed Middle East tensions.

Japan’s long bond sell-off raises the stakes

The steepening in Japan’s longer-dated sovereign yields matters beyond domestic bond markets because it directly affects financing costs and the incentives around capital flows. In the article’s discussion of policy constraints, the core issue is a two-way bind for Japanese authorities regarding the yen and the government’s own bond holdings.

The argument presented is that Tokyo cannot simply raise policy rates to support the yen without risking operating losses that ultimately feed into the Finance ministry’s balance sheet. At the same time, forcing repatriation of capital without selling Treasuries could be difficult—particularly in a world where US financing needs remain substantial.

Industry commentators have previously framed this as an unstable combination: the yen weakens even as long-term yields keep rising, producing a “crisis” dynamic in the G10 context. In a post on X, Robin Brooks, senior fellow at the Brookings Institution, described Japan as being in a “Liz Truss” style bond-market stress episode where the currency falls while yields climb, calling it “deeply destabilizing.”

Could yen stabilization lean on dollar liquidity?

A key thread running through the coverage is whether Japan could eventually rely on a mechanism that creates dollars using its Treasury holdings—without immediately triggering a domestic bond-market shock. Arthur Hayes, in a post linked in the original report, has long argued that the Federal Reserve may use the Foreign and International Monetary Authorities (FIMA) repo facility.

Under that scenario described by Hayes, Japan’s Finance ministry could borrow dollars against Treasury holdings, then sell those dollars for yen—potentially strengthening the currency without forcing an abrupt adjustment that could destabilize sovereign debt markets.

The relevance for investors is that such a pathway would effectively introduce new dollar liquidity. The original reporting notes that Treasury Secretary Scott Bessent hinted at future use of the FIMA facility in August, and it also references a more recent development: Bessent’s announcement that the maximum size of debt buyback transactions would increase to $4 billion from September (covered earlier by Cointelegraph).

Separately, the article suggests that rising long-term yields could be the market starting to price in some version of this future policy calculus. The key uncertainty remains how and when any dollar-liquidity instrument would actually be used, and whether it would be sufficient to reverse the direction of yields and currency pressure.

Bitcoin steadies near $78,000 as macro pressure builds

Against the backdrop of higher bond yields, Bitcoin traded sideways around the $78,000 area after a modest pullback from an earlier move toward $79,000. The positioning is consistent with a market that is absorbing macro volatility without immediately extending upside.

Prior Cointelegraph coverage cited a “thick patch of resistance” spanning the area between the spot price and $86,000, which the original report says has slowed upward momentum. That same coverage also pointed to a more specific “demand test” above $83,000, referencing analysis from Glassnode.

In this latest read-through, sentiment is described as mixed to cautiously optimistic in the short term, with the $76,000–$82,000 zone highlighted as the near-term battleground. Traders typically treat ranges like this as a sign of indecision—macro-driven catalysts may be strong, but price is still searching for confirmation through either a breakout or further rejection.

Risk markets falter; oil rises on renewed Iran tensions

The bond move did not occur in isolation. The article notes that US equity futures were weaker: S&P 500 out-of-hours futures fell about 0.3% and hovered around 7,660, the lowest level since Aug. 4 at the time referenced.

Energy markets also turned firmer. Oil prices rose by more than 2%, with WTI around $88 per barrel and Brent above $92, linked to renewed US-Iran fighting concerns. The original reporting points to renewed strikes, tanker incidents in the Strait of Hormuz, and commentary attributed to President Donald Trump.

For crypto, the practical implication is that rising yields combined with energy-driven inflation risk can keep traders cautious: higher real-rate expectations can tighten financial conditions, while geopolitical risk can either support hedging demand or pressure broader risk appetite depending on how quickly markets reprice inflation and liquidity assumptions.

Going forward, watch whether Japan’s long-end yields keep pressing higher and whether US Treasury yields follow through. Those signals will likely determine whether the market is simply reacting to rates or beginning to price a deeper shift in how currency stabilization and sovereign financing could be handled. For Bitcoin, the key question is whether the $76,000–$82,000 range resolves upward with confirming demand—or rolls over as macro pressure intensifies.

Ripple has teamed up with digital asset infrastructure provider SettleMint to bring an end-to-end custody and token lifecycle stack to financial institutions in Asia-Pacific. The firms say the integration is designed to reduce operational complexity for banks and other regulated players that want to hold tokenized assets and manage them from issuance through ongoing administration.

Just days earlier, Coincheck Group announced a separate push in Japan toward institutional-grade custody and wallet technology, partnering with DFNS to deliver wallet-as-a-service capabilities. Together, the announcements highlight how Asia-Pacific institutions are trying to close the “infrastructure gap” that has slowed crypto adoption inside regulated finance.

Key takeaways

• Ripple and SettleMint will integrate Ripple Custody with SettleMint’s Digital Asset Lifecycle Platform to support custody, issuance, and management of tokenized assets.
• Coincheck Group’s Japan effort with DFNS focuses on wallet infrastructure and institutional-grade custody through a wallet-as-a-service model.
• Both partnerships target a persistent bottleneck: limited infrastructure that fits regulated financial workflows across the token lifecycle.
• Regulatory momentum in the region—particularly Japan’s evolving framework—adds urgency to custody and tokenization capabilities for institutions.

Ripple’s custody and token lifecycle integration

Ripple announced the partnership with SettleMint on Tuesday, framing it as a way to help financial institutions handle tokenized assets “across their full lifecycle.” According to Ripple’s announcement via PR Newswire, the collaboration will integrate Ripple’s institutional custody infrastructure, Ripple Custody, with SettleMint’s Digital Asset Lifecycle Platform (DALP).

The stated goal is straightforward: rather than stitching together multiple vendors and separate tools for custody and post-issuance operations, institutions can use an integrated approach that supports both securing assets and managing their lifecycle. Ripple’s coverage positions the combined stack as a less complex route for regulated firms that need robust custody controls while also participating in tokenized-asset issuance and administration.

Why this matters for investors and operators is that custody and lifecycle management are typically two of the hardest components to operationalize within traditional compliance requirements. If lifecycle tooling and governance controls can be packaged into a single institutional workflow, it can shorten deployment timelines for banks and asset managers that would otherwise face longer integration projects and higher operational risk.

Parallel momentum in Japan: Coincheck and DFNS

A day before Ripple’s announcement, Coincheck Group revealed its own initiative in Japan, partnering with wallet infrastructure provider DFNS to bring institutional-grade digital asset custody and wallet technology to the market. The development was reported in a Business Wire release.

DFNS’s wallet-as-a-service approach is designed to centralize operational management. The source describes it as supporting transaction lifecycle management, including workflow orchestration and governance controls, delivered under a single platform that supports more than 100 blockchain networks.

For institutions evaluating crypto infrastructure, that distinction—platform-level management rather than fragmented components—can be critical. Many regulated services require controls around approvals, governance policies, and operational workflows that extend beyond simple wallet access. A service positioned around “full transaction lifecycle management” suggests an attempt to meet those requirements more directly.

Infrastructure gap meets faster onchain growth in Asia-Pacific

Both partnerships arrive as Asia-Pacific continues to accelerate in crypto usage. According to Chainalysis’ 2025 Global Crypto Adoption Index, the Asia-Pacific region ranked as the fastest-growing area for onchain activity and saw a 69% year-over-year increase in value received.

While adoption growth alone does not guarantee institutional participation, it typically increases pressure on infrastructure providers to deliver enterprise capabilities that can handle real-world transaction volumes and compliance demands. The partnership announcements explicitly connect their work to an “infrastructure gap” that has hindered regulated financial institutions from entering digital asset activities.

In other words, the region is not just expanding in consumer and retail usage; it is building the case for institutional-grade custody, token issuance tooling, and governance-ready wallet and custody services that can operate under regulatory constraints.

Regulatory developments in Japan raise the stakes

Japan is central to the current wave of institutional infrastructure pushes. In July, the Japanese parliament passed revisions that classify crypto assets as financial assets under Japan’s Financial Instruments and Exchange Act, according to earlier coverage from Cointelegraph.

The regulatory direction matters because classification under financial rules generally changes how institutions think about onboarding, compliance, custody responsibilities, and product design. More clearly defined categories can help create predictable expectations for regulated market participants, but they can also require infrastructure upgrades to satisfy governance and custody standards.

Cointelegraph also reported that Japan’s Finance Minister Satsuki Katayama signaled an intent to bring crypto under the same umbrella as traditional finance assets in January. The stated aim was to ensure citizens can “benefit from digital and blockchain-based assets,” while keeping the framework aligned with established financial oversight.

Against this backdrop, the Ripple–SettleMint and Coincheck–DFNS announcements can be read as infrastructure groundwork for institutions trying to participate in a market where regulatory classification and operational expectations are becoming more formalized.

What to watch next

Investors and builders should watch how these partnerships translate into deployable institution-facing offerings—particularly around custody workflows, governance controls, and end-to-end token lifecycle operations. As Japan’s legal framework continues to take shape and as Asia-Pacific onchain activity grows, the competitive advantage is likely to accrue to providers that can integrate tokenization, custody, and compliance-ready operational tooling without forcing institutions into complex, multi-vendor builds.

The Monetary Authority of Singapore (MAS) is reconsidering its earlier restriction on stablecoins issued across multiple jurisdictions, proposing a route for some jointly issued tokens to qualify under its regulatory framework.

MAS opened a public consultation on Tuesday, covering legislative amendments to implement its stablecoin framework and additional policy proposals reflecting developments since 2023.

Under one proposal, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be regulated under the framework and labeled “MAS-regulated stablecoins,” provided that the associated risks are sufficiently mitigated.

MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, citing their potential use in cross-border wholesale transactions.

The proposals revisit MAS’s 2023 position that qualifying stablecoins must be issued solely in Singapore. The regulator finalized a framework that year covering single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.

At the time, MAS cited difficulties establishing regulatory equivalence and cooperation with other jurisdictions. It also noted technical challenges in tracing where commingled stablecoins originated and determining whether overseas reserves would be sufficient to meet redemption requests.

MAS proposes additional issuer safeguards

The broader consultation seeks to implement the 2023 stablecoin framework through amendments to the Payment Services Act (PSA), the primary law governing payment services and operators in Singapore.

The proposed requirements cover reserve-backed value stability, capital, redemption at par and issuer disclosures. Only issuers licensed under the framework would be permitted to market themselves as MAS-regulated stablecoin issuers and label their tokens “MAS-regulated stablecoins.”

Related: Japanese regulator requests tax filing exemption for trust-type stablecoins in 2027 reform

MAS also proposed prohibiting issuers from paying interest on regulated stablecoins and requiring them to conduct stress tests and maintain recovery and orderly wind-down plans.

Additional consumer safeguards would require issuers to protect customer money received before the corresponding stablecoins are issued. Stablecoins outside the dedicated framework would continue to be treated as digital payment tokens under existing rules.

MAS is accepting public comments on the proposals until Oct. 16.

Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Bitcoin price has fallen below $77,000 as fresh U.S. military strikes on Iranian targets have pushed oil prices higher and triggered heavy selling across crypto and stock markets.

Bitcoin price falls below $77,000

The U.S. Central Command said American forces began striking Islamic Revolutionary Guard Corps targets in Iran at 12 p.m. ET on Tuesday, citing recent attempted attacks against commercial vessels in the Strait of Hormuz and U.S. military personnel stationed in the region.

Bitcoin (BTC) fell through $78,000 as reports of the operation emerged before extending its decline below $77,000. The cryptocurrency traded around $76,762 at the time of writing, after falling from an intraday high near $79,166.

Selling also reached Ethereum (ETH), which moved below $2,400 during the market decline. According to CoinGlass data cited in the original report, roughly $115 million in leveraged long positions across the crypto market were liquidated within one hour.

Liquidations occur when an exchange closes a leveraged position after the trader’s collateral can no longer cover mounting losses. A rapid price decline can therefore force the closure of long positions, adding more sell orders to an already weak market.

One day earlier, Bitcoin had held near $78,000 even as earlier exchanges between U.S. and Iranian forces pushed crude prices above $90. The latest round of strikes placed renewed pressure on that price area and erased the asset’s brief attempt to hold above short-term support.

The decline has also followed a strong August for Bitcoin. BTC gained about 23% during the month, according to market data cited in earlier coverage, before renewed geopolitical and interest-rate concerns weighed on the opening trading sessions of September.

US strikes increase pressure near the Strait of Hormuz

According to CENTCOM’s account, the operation followed alleged Iranian attempts to attack commercial shipping in the Strait of Hormuz and American service members deployed to the region.

Iranian state media reported explosions across several locations on the country’s southern coast, including Qeshm Island, Bandar Abbas and Chabahar. Reports cited by Axios also identified Jask, Konarak, Minab and Sirik among the areas struck.

Qeshm Island and Bandar Abbas sit close to the Strait of Hormuz, a key passage connecting Persian Gulf energy exporters with international markets. Before the current conflict, roughly one-fifth of global oil and liquefied natural gas supplies moved through the waterway, according to Reuters data previously cited in market coverage.

The Associated Press reported that Tuesday’s action ended roughly a month without direct military exchanges between the two countries. Earlier U.S. strikes on Sunday targeted rocket launchers on Larak Island, after which Iran launched missiles toward American sites in Jordan. Jordanian forces intercepted the missiles, while the United Arab Emirates said it stopped an Iranian drone over its waters.

Following Tuesday’s strikes, Iranian semi-official news agencies Fars and Tasnim reported that Tehran had started launching missiles and drones in response. An IRGC spokesperson said the United States “will regret its new attacks,” according to Fars.

President Donald Trump described the American operation as “large and powerful” and warned Tehran against further retaliation. According to Trump, another Iranian response would lead to a “much harder and higher level” of U.S. attack.

Iranian President Masoud Pezeshkian had said earlier on Tuesday that Tehran was prepared to return to a ceasefire agreement brokered with Washington in June if the United States followed its terms. Trump later questioned the value of another agreement during comments reported by the Associated Press.

Oil above $90 adds inflation and rate pressure

Crude prices accelerated as military activity returned to areas around the Strait of Hormuz. Reuters reported that Brent crude settled 4.6% higher at $94.65 per barrel, while U.S. West Texas Intermediate rose 5.2% to $90.22.

Oil traders were also monitoring reports that two tankers had been hit while leaving the strait. Iranian officials have warned that Gulf oil exports could face additional disruption if military and economic pressure on Tehran continues.

Earlier exchanges between Washington and Tehran had already exposed the sensitivity of financial markets to oil supply risks. In July, a warning of further U.S. strikes coincided with a $500 billion stock selloff as crude prices rose and Bitcoin came under pressure.

Higher energy prices matter to U.S. crypto investors because a sustained rise in fuel costs can feed into inflation data and influence Federal Reserve policy. U.S. Treasury yields rose during Tuesday’s trading, while the S&P 500 fell to its lowest level since Aug. 4, according to market data cited in the original report.

August inflation data and the Federal Reserve’s September policy decision could therefore affect Bitcoin’s next move. In August, Bitcoin rebounded after CPI data showed annual U.S. inflation at 3.4%, but oil supply disruptions could place fresh pressure on subsequent readings.

Federal Reserve Chair Kevin Warsh has maintained a firm position on inflation and left open the possibility of higher interest rates. Rising Treasury yields can increase the appeal of interest-bearing assets while raising financing costs, conditions that have previously weighed on Bitcoin and other assets that do not produce yield.

US markets fall as leveraged crypto positions unwind

Pressure from the military escalation has not remained confined to digital assets. U.S. equities declined as investors assessed the effect of higher oil prices, while the selloff in government bonds pushed Treasury yields upward.

Bitcoin’s fall below $77,000 placed the asset close to the lower end of the price range it had established after its August rally. The intraday low near $76,483 left the $76,500 area as an immediate level being tested by sellers, based on market pricing during the session.

A sustained break below that region would remove another support area that previously slowed declines. Any recovery would first require Bitcoin to regain $77,000, followed by the former support zone between $78,000 and $79,000.

Liquidation data offer another measure of the pressure facing leveraged traders. CoinGlass attributed the one-hour liquidation total of roughly $115 million mainly to long positions, indicating that traders positioned for higher prices absorbed most of the forced closures during the drop.

Meanwhile, Iran’s response remained active late Tuesday, with Fars and Tasnim reporting new missile and drone launches after the U.S. operation. American officials said the initial strikes were directed at Iranian radar and military capabilities associated with threats to commercial vessels and U.S. personnel.

The London Stock Exchange (LSE) and cryptocurrency exchange Kraken are reportedly launching tokenized stock trading on the stock market operator’s new night-time trading venue.

The LSE has partnered with Kraken’s parent company, Payward, to launch access to tokenized stocks tracking the value of leading UK equity products starting in 2027, Payward’s chief commercial officer, Mark Greenberg, told the Financial Times according to a Tuesday report.

The tokenized stocks will be listed on LSE’s new night-time trading venue, LSE 24, that will offer 24/5 trading, operating from Mondays to Fridays, the company announced on July 21.

The initiative makes the London bourse the latest traditional exchange operator to explore blockchain-based stock offerings that can be traded 24 hours a day with fractional ownership. Other traditional finance (TradFi) institutions exploring tokenized equity products include the Nasdaq, CME Group and the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).

In August, Nasdaq agreed to acquire LeveL Markets, the third-largest alternative trading system in the US by trading volume, as part of its push into tokenized markets with round-the-clock trading.

Related: Trump Jr.-linked 1789 Capital leads Polymarket’s $1B raise: Report

TradFi companies deepen tokenization push

Some of the world’s largest TradFi institutions have been exploring tokenized stock offerings.

In March, Nasdaq, the world’s second-largest stock exchange by market capitalization, partnered with Payward and its Backed subsidiary, the issuer behind xStocks, to develop an equities transformation gateway. The plan builds on Nasdaq’s tokenization proposal filed with US securities regulators in September 2025.

A week earlier, ICE invested in crypto exchange OKX to bring NYSE-listed tokenized stocks to the exchange starting from the second quarter of 2026.

In April, Deutsche Börse invested $200 million in Payward, as part of the German exchange operator’s plans to offer access to a wider array of blockchain-based securities and tokenized investment products and build on its prior partnership with Kraken. 

In January, CME Group, the largest derivatives exchange by volume, announced plans to launch crypto futures contracts tied to Cardano (ADA), Chainlink LINK and Stellar (XLM). Three months later, CME announced plans to add Avalanche AVAX and Sui SUI futures contracts starting May 4, subject to regulatory approval. 

Tokenized stocks, total value onchain, all-time chart. Source: RWA.xyz

The value of tokenized stocks increased by 15% in the past 30 days to $2.53 billion, while the number of tokenized equity holders grew by 153% to 2.45 million, according to data provider RWA.xyz. 

Magazine: What NYSE’s exploration of onchain systems means for financial markets

An affiliate of Fairshake, one of the best-known political networks tied to the U.S. crypto industry, is spending on media ahead of Tuesday’s Massachusetts primary as part of a broader push into the 2026 election cycle. According to Federal Election Commission (FEC) filings, Protect Progress PAC—linked to Fairshake—has targeted messaging to support Representative Jake Auchincloss in his bid for reelection.

The spending and accompanying accusations are also renewing scrutiny of how crypto-aligned political groups are engaging with candidates in races that are not directly about crypto policy—while highlighting the political pressure points around legislation affecting digital assets.

Key takeaways

• FEC records show Protect Progress PAC spent just over $189,000 on media supporting Jake Auchincloss in Massachusetts’ 4th congressional district primary.
• Democratic candidate Jason Poulos alleges some of the mailers were “AI-generated slop mailers,” raising questions about messaging tactics in the race.
• Poulos asked Auchincloss to renounce the PAC’s efforts in an Aug. 16 letter, intensifying public conflict around outside influence.
• Auchincloss’ crypto-policy profile is part of the dispute, with Poulos citing Auchincloss’ voting record on a 2025 digital-asset market structure bill.
• Fairshake and affiliates remain active in 2026, with the PAC reporting substantial cash reserves ahead of fall elections.

FEC filings detail Protect Progress PAC media spending in Massachusetts

Federal Election Commission documents filed as of Tuesday indicate that Protect Progress PAC, a Fairshake affiliate, spent just over $189,000 on media in connection with Representative Jake Auchincloss’ reelection campaign in Massachusetts’ 4th congressional district.

The primary is scheduled for Tuesday, and the media buy is notable because it reflects how crypto-linked political entities continue to participate in contests where candidates may be evaluated through broader political narratives rather than directly on digital-asset policy.

Poulos accuses outside groups of AI-generated messaging

Jason Poulos, a Democratic candidate challenging Auchincloss, argues that at least part of the PAC-supported messaging was not produced in a traditional format. In a public letter dated Aug. 16, Poulos called on Auchincloss to “publicly renounce” Protect Progress’ efforts to influence both the primary and the general election.

Poulos specifically claimed some of the mailers were “AI-generated slop mailers” supporting Auchincloss ahead of the Massachusetts primary. While the FEC spending records establish the existence of the media expenditure, Poulos’ characterization focuses on the alleged nature of the materials—an accusation that highlights the rising political controversy around technology-assisted campaign content.

Crypto-policy voting record becomes part of the political argument

In his Aug. 16 letter, Poulos also raised a link between the political support and Auchincloss’ relationship to crypto industry priorities. The candidate alleged Auchincloss had received $77,500 directly from “crypto-industry sources” since 2020.

Poulos further pointed to Auchincloss’ voting behavior on the Digital Asset Market Clarity Act in July 2025, describing it as a market-structure bill. As framed by Poulos, that measure was not signed into law at the time and was still awaiting Senate consideration.

For investors and builders following the policy landscape, the practical significance is that crypto-aligned political groups appear to be tying campaign support—directly or indirectly—to candidates’ positions on digital-asset regulation and market structure. Whether those policy positions translate into legislative outcomes remains a key question, but political reinforcement can influence candidate incentives ahead of legislative votes.

Fairshake affiliates push into 2026 elections with sizable resources

The Protect Progress spending is part of a larger pattern of engagement by Fairshake and related groups in the 2026 midterm cycle. Earlier this year and in recent reporting, Fairshake affiliates have deployed resources across multiple congressional races.

In August, Cointelegraph reported that the PAC and its affiliates spent about $3.6 million on House and Senate races in Alaska, Florida, and Wyoming during August. At the same time, Fairshake reported having $122 million in cash on hand ahead of the 2026 midterms.

Fairshake spokesperson Geoff Vetter stated in August that the organization was “not slowing down heading into November,” adding that there were “dozens of wins” across House and Senate races and that it had $122 million ready for the fall.

Massachusetts, with its primary on Tuesday, is among the later states to hold primaries, leaving limited time for further campaign developments ahead of the general election. Other states scheduled to hold primaries in September include New Hampshire, Rhode Island, and Delaware.

For readers trying to assess how crypto politics are evolving, the Massachusetts spending shows that the cycle is not limited to a small number of early contests. Instead, crypto-linked political capital appears to be extending across the calendar, with media buys and message discipline playing a prominent role.

What to watch next in the Massachusetts primary

With FEC data confirming Protect Progress PAC’s media spending and Poulos pressing Auchincloss to reject outside influence publicly, the key uncertainty now is how Auchincloss and party leaders respond to the allegations and whether the primary’s outcome changes the tone of future attacks about crypto-linked political spending. The next data point to track will be additional reporting and filings clarifying the content and spending breakdowns associated with the media campaign tied to the Fairshake affiliate.