Hyperliquid has generated $429.04 million in revenue from Jan. 1 through Sept. 15, placing the perpetual futures platform first in CoinGecko’s adjusted ranking of crypto revenue generators for 2026.

CoinGecko’s Sept. 17 study calculated Hyperliquid’s share at 12.62% of the $3.40 billion comparison pool. Pump.fun followed with $322.21 million, while Axiom Pro ranked third among the projects included in the final table.

The ranking uses data through Sept. 15 and should be read as a fixed year-to-date snapshot. CoinGecko excluded Tether and Circle because their scale would overwhelm the comparison, while Grayscale was removed because its $154.14 million came from asset-management sponsor fees instead of a usage-based crypto protocol model.

Hyperliquid leads 2026 crypto revenue ranking

Hyperliquid finished more than $106 million ahead of Pump.fun at the Sept. 15 cutoff. CoinGecko said the two projects together generated $751.25 million, equal to 22.10% of the revenue pool used in the study.

Pump.fun’s $322.21 million came mainly from token creation and trading fees tied to its Solana memecoin launchpad. Axiom Pro followed at $132.09 million, Sky posted $129.87 million and GMGN generated $126.03 million.

Polymarket ranked sixth with $115.48 million. World Liberty Financial followed at $95.37 million, while Paxos recorded $87.93 million. edgeX generated $84.37 million and Titan Builder completed the top 10 at $83.47 million.

CoinGecko classified the projects across several business models, including perpetual futures, trading terminals, prediction markets, stablecoins, real-world assets and MEV infrastructure. The researcher described its sector labels as a best-effort classification instead of a formal industry taxonomy.

Perpetual trading feeds Hyperliquid’s revenue engine

Hyperliquid earns fees from perpetual futures and spot activity on its exchange infrastructure. Its official fee documentation uses volume-based maker and taker tiers, with separate schedules for perpetual and spot markets.

Higher-volume traders receive lower fees, while users staking HYPE can qualify for further discounts. Hyperliquid says its fee structure does not reserve the proceeds primarily for a company or insider group, with funds instead directed toward HLP, the Assistance Fund and eligible market deployers.

The Assistance Fund automatically converts eligible trading fees into HYPE through Hyperliquid’s L1 execution. Hyperliquid’s current documentation says HYPE acquired by the fund is burned, permanently removing those tokens from total and circulating supply.

Hyperliquid separately states that its platform is processing billions of dollars in daily trading volume and that more than $1 billion in annualized fees are being directed toward programmatic HYPE purchases. Fees and CoinGecko’s revenue figure are not identical accounting measures, so the two numbers should not be treated interchangeably.

As crypto.news previously reported, Hyperliquid’s Assistance Fund has become a central part of HYPE’s token structure because trading activity creates recurring purchases of the token. Earlier reporting placed cumulative fund spending above $1.3 billion, though that figure covers buybacks since launch and is separate from CoinGecko’s 2026 revenue ranking.

Pump.fun and trading terminals fill the next positions

CoinGecko’s ranking shows that revenue has not been concentrated in a single crypto sector. Pump.fun represents token launchpads, while Axiom Pro and GMGN are trading terminals that make on-chain markets easier to access.

Axiom integrates Hyperliquid for perpetual futures trading, creating some overlap between the activity surrounding the two projects even though CoinGecko records them as separate revenue-generating businesses. GMGN centers more heavily on Solana memecoin trading, linking its activity to the same trading segment that supports Pump.fun.

Shorter reporting periods can produce different leaders. In August, Pump.fun briefly moved ahead of Hyperliquid on a 30-day revenue measure after generating more than $10 million of protocol fees during the week of Aug. 3-9.

CoinGecko’s longer Jan. 1-Sept. 15 measurement produced a different result, with Hyperliquid retaining the full-year lead despite shorter periods in which competitors generated more revenue.

The top 15 projects accounted for 56.02% of the $3.40 billion pool used for the ranking. Beyond the top 10, Collector Crypt recorded $72.82 million, Phantom $60.05 million, Aave $56.81 million, fomo $54.66 million and Aerodrome $54.31 million.

CoinGecko exclusions change how the table should be read

CoinGecko deliberately excluded Tether and Circle from the top-project ranking because both stablecoin issuers generate revenue at a scale the researcher said would obscure differences between the remaining businesses. Their omission does not mean CoinGecko regarded their revenue as invalid.

Grayscale would have ranked third at $154.14 million, ahead of Axiom Pro, but CoinGecko excluded the asset manager because its revenue is derived from AUM-based sponsor fees. Aerodrome, which would otherwise have ranked 16th, consequently entered the displayed top 15.

CoinGecko uses on-chain revenue as its main inclusion criterion but acknowledged that not every project in the list earns money directly from blockchain transaction fees. Paxos and World Liberty Financial, for example, derive substantial revenue from interest earned on reserves, according to the study.

Monthly crypto revenue has remained below last year’s average. Across all projects tracked in CoinGecko’s second dataset, which does include Tether and Circle, monthly revenue averaged $1.08 billion from January through August 2026. The figure was 11.68% below the $1.22 billion monthly average recorded during 2025.

September was left out of the monthly-average comparison because CoinGecko had only 15 days of data when the study was compiled. Its revenue rankings still include activity through Sept. 15, meaning later September revenue will not appear in the published $429.04 million Hyperliquid figure.

HYPE trades near record levels after revenue growth

HYPE has remained close to record territory while Hyperliquid’s fee activity stays elevated. CoinGecko data on Sept. 21 placed HYPE around $94.02, up approximately 2.7% over 24 hours and 18.1% during the previous seven days, with a market capitalization close to $20.9 billion.

Historical CoinGecko data show HYPE closed at $76.92 on Sept. 15 before rising to $85.06 on Sept. 17 and $92.54 on Sept. 18. The token closed Sept. 20 at $93.64, while daily trading volume stood above $1 billion.

Crypto.news reported that Hyperliquid and Pump.fun accounted for nearly 90% of tracked crypto token buybacks during 2026. The report distinguished annual buybacks from Hyperliquid’s cumulative Assistance Fund purchases, which span multiple years.

Hyperliquid’s own documentation now lists maker rebates reaching negative 0.003% for qualifying high-volume market makers, while its highest published staking tier provides a 40% trading-fee discount to accounts linked with more than 500,000 HYPE staked.

ZetaChain tokenholders have voted to end the project’s layer-1 blockchain and migrate its native ZETA token to Solana. The governance decision, approved via a formal proposal on Sunday, clears the path for ZETA to be represented as a Solana token through a 1:1 conversion—while network operations and staking are expected to continue until a later, separate shutdown and migration plan is finalized.

Governance proposal 68 passed with 99.4% support and 58% participation, comfortably above the network’s 40% quorum requirement. Importantly, the proposal does not immediately trigger a shutdown or token migration timetable; ZetaChain said a second proposal will be submitted to outline the withdrawal window for assets tied to other blockchains, snapshot timing, shutdown scheduling, and the mechanics and duration of the token claim and exchange period.

Key takeaways

• Proposal 68 approved: 99.4% support with 58% participation, exceeding the 40% quorum threshold.
• Token migration approach: ZETA is set to become an SPL token on Solana on a 1:1 basis, keeping the same ticker and total supply.
• No immediate shutdown: ZetaChain indicated validators will keep operating and staking rewards will continue during the transition.
• Next step is a second proposal: details on withdrawal windows, snapshot height, shutdown timing, and conversion/claim periods will be defined later.

What ZetaChain’s governance vote actually changes

Under the approved plan, ZETA will be converted into a Solana Program Library (SPL) token while preserving a 1:1 ratio. The proposal states that the token’s ticker and total supply will remain the same—an operational detail that matters for holders because it clarifies that the change is intended to be a representation/migration rather than a token split or supply adjustment.

However, governance approval is not the same as execution. ZetaChain emphasized that passing proposal 68 does not automatically set a shutdown date. Instead, core contributors must bring forward a subsequent proposal covering the practical steps holders will care about most: how and when assets connected to other chains can be withdrawn, the snapshot block height used for migration calculations, the shutdown timetable, and the process and timeframe for token claims or exchange conversions.

In the interim, validators are expected to keep running. The project also said staking rewards will continue through the transition phase, suggesting the token migration process is being staged rather than rushed—an important distinction for participants who would otherwise be forced to exit staking positions abruptly.

Why ZetaChain wants to shift away from its layer-1

ZetaChain linked its move away from maintaining its own Cosmos SDK-based layer-1 to a strategic repositioning. The project said its standalone chain no longer supports its focus on Anuma, a private-focused artificial intelligence application.

In ZetaChain’s framing, moving to Solana is meant to let the team redirect engineering and operational effort away from base-layer blockchain maintenance and toward Anuma and its “Private Memory Layer,” which the project says helps users carry encrypted context across AI models.

For investors and builders, the key question is not only whether the migration is technically feasible, but whether the funding and talent concentration can deliver measurable progress on the AI-related roadmap. On that front, ZetaChain’s approach is effectively a resource reallocation: the governance vote signals that maintaining a dedicated interoperability layer-1 is being deprioritized in favor of an execution environment closer to the rest of the Solana ecosystem.

A broader pattern of standalone chain wind-downs

ZetaChain’s decision fits a wider trend in crypto: projects that previously operated standalone chains are increasingly opting to shut them down or migrate tokens to other networks. The rationale varies—from security events to cost and strategic focus—but the end result is similar: ecosystems consolidate around fewer chains, while token representations move to more established venues.

Two other examples cited alongside ZetaChain include BounceBit and Harmony. BounceBit previously announced it would retire its standalone blockchain after an authorization flaw was exploited to steal about $3 million in BB tokens. The project chose a migration of its token to BNB Smart Chain at a 1:1 ratio rather than restarting its layer-1—an approach that mirrors ZetaChain’s “representation stays the same” principle.

Harmony also proposed winding down its layer-1 and migrating ONE to Ethereum as an ERC-20. Earlier reporting noted the proposal came after an exploit created unauthorized ONE tokens and led Harmony to plan a rollback of more than 109,000 transactions. In that case, the governance pivot appears tied both to recovery from a security incident and to a broader shift toward an AI video initiative.

While every project’s situation differs, these cases highlight how token migration plans can become governance-led responses to operational and risk realities—especially when maintaining a dedicated chain becomes harder to justify.

Security history adds urgency to migration planning

ZetaChain’s migration plan arrives against a backdrop of security-related issues. The project was previously affected by a $334,000 exploit targeting its cross-chain gateway contract, according to the referenced earlier coverage. The incident reportedly drained funds from ZetaChain-controlled wallets across multiple networks including Ethereum, Arbitrum, Base and BNB Smart Chain.

In response to that broader security discussion, ZetaChain also acknowledged it had dismissed an earlier bug bounty report about a vulnerability, stating it treated the behavior as intended. That decision later prompted a review of its security processes.

None of this history necessarily determines whether a Solana migration will be successful, but it raises the stakes for how ZetaChain designs its transition. The second governance proposal—covering snapshot height, the token claim period, and the exchange conversion window—will likely be where market participants focus on clarity and safeguards. For holders, the worst outcomes in a migration tend to be uncertainty: unclear eligibility rules, poorly timed snapshots, or token claim/exchange mechanics that leave participants unable to complete conversions.

With validators expected to keep operating and staking rewards continuing for now, ZetaChain appears to be attempting to balance continuity with an orderly wind-down. Still, the exact operational details—when withdrawals open, when the chain stops, and how claims are handled—remain unresolved until the next proposal is submitted.

Going forward, tokenholders and observers should watch for the forthcoming governance proposal that lays out the withdrawal window, snapshot block height, shutdown timeline, and conversion/claim mechanics. Those specifics will determine whether the transition preserves holder outcomes cleanly or introduces friction at the moment people need certainty most.

The Bank of Korea has launched its first 24-hour won settlement network pilot, allowing foreign investors to settle Korean currency transactions outside the country’s conventional banking hours.

The Bank of Korea said in its September 21 announcement that the Bank of Korea Won International Wire Network began trial operations on Monday as part of South Korea’s plan to improve offshore access to the won. The pilot started at 9 a.m. with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank participating.

Full operation is scheduled for January 2027, when foreign banks are expected to join the network. The system will operate continuously from 9 a.m. on one business day until 9 a.m. the next, while weekends and public holidays remain excluded.

Bank of Korea network lets foreigners settle won offshore

Foreign investors using the new system can settle won transactions through accounts held with Registered Foreign Institutions for KRW Business, known as RFI-Ks. They do not need to open a separate account directly with a domestic Korean financial institution to use the settlement network.

Revised foreign-exchange rules published days before the pilot allow registered foreign institutions to open omnibus accounts at Korean foreign-exchange banks and process won settlement through the Bank of Korea network. The Finance Ministry said the changes form part of the government’s plan to make offshore won transactions less dependent on time and location.

Under the model, an overseas investor can hold or transact won through a registered institution in its home market while the underlying settlement is completed through the central-bank infrastructure. The Korean authorities introduced RFI-K access as part of changes designed to make the domestic foreign-exchange market more accessible to international participants.

The BOK said “the network is expected to improve foreigners’ access to won settlement infrastructure, eventually enhancing the currency’s international standing.” The statement represents the central bank’s policy expectation for the system, not a measured outcome from the pilot.

Four banks begin pilot with 1.4 billion won test

KB Kookmin, Woori, Hana and Shinhan are the first banks participating in the trial phase. South Korea plans to bring foreign financial institutions into the network after the January launch, following roughly three months of testing.

The first reported test transaction took place at around 9:30 a.m. Monday between two participating domestic institutions. SBS reported that the payment was worth approximately 1.4 billion won, equivalent to roughly $1 million at current exchange rates.

The BOK described the platform as its first settlement network designed to operate around the clock on business days. Existing Bank of Korea payment infrastructure has traditionally followed domestic operating hours, while the new service is structured around the working hours of overseas investors.

During the pilot, the central bank plans to monitor the system while making operational and technical changes before the January rollout. The BOK said it intends to improve the network, expand participating institutions and maintain continuous monitoring as full operation approaches.

January launch fits Korea’s won internationalization plan

The settlement system is one part of South Korea’s larger Won Internationalization Roadmap, published by the Finance Ministry with the Bank of Korea and other agencies in July. The roadmap calls for round-the-clock foreign-exchange access, offshore won accounts, easier capital transactions and settlement infrastructure available outside Korea.

South Korea had already moved its domestic foreign-exchange market toward 24-hour trading before the settlement pilot started. The new network addresses the payment side of that policy by allowing offshore participants to complete transactions during their own local business hours instead of waiting for Korean banks to reopen.

The roadmap permits foreigners to conduct won transactions through overseas institutions registered with Korean authorities. Government documents describe examples in which investors could use won accounts at overseas branches of global banks for Korean bond investments, remittances and other financial services.

The authorities are pairing easier access with liquidity and monitoring measures. The roadmap says domestic banks can provide temporary won funding when overseas institutions face shortages, while the government and central bank may provide further liquidity when necessary. Regulators plan to monitor offshore won conditions as international use expands.

The BOK had outlined the network’s September pilot schedule in July, when it confirmed the four participating banks and said full 24-hour operation would begin in January. At the time, the central bank said the project could improve access to Korean settlement infrastructure and support South Korea’s efforts to attract more international investment.

Project Agorá and Hangang test tokenized settlement separately

The new international wire network does not use the same structure as the Bank of Korea’s blockchain-based digital-money projects. The BOK has been developing separate tokenized settlement infrastructure through Project Hangang and the Bank for International Settlements-led Project Agorá.

In July, the Bank of Korea completed live cross-border payment tests under Project Agorá using tokenized central-bank reserves across multiple currencies. As crypto.news previously reported, South Korean banks tested settlement workflows that included a 20 million won transfer between NongHyup Bank and Shinhan Bank using tokenized reserve funds.

The trial connected Project Hangang with the Agorá environment to test how tokenized central-bank money and commercial-bank deposits could interact in cross-border payments. The BOK said further test scenarios would follow as Project Agorá expanded its real-value transaction work.

Project Hangang has developed along a separate domestic path. As crypto.news reported in March, the second phase expanded participation from seven banks to nine and introduced deposit-token features including peer-to-peer transfers, biometric approvals and government subsidy payments.

Government agencies later began a 9.6 billion won program to connect deposit tokens with existing payment infrastructure. In related crypto.news coverage, the project brought together nine banks, eight payment companies and two large merchants to test how deposit tokens could work with existing retail payment systems.

The Bank of Korea’s latest payment systems report, published Sept. 17, said the institution had extended BOK-Wire+ operating hours, built the new international won network and adopted ISO 20022 as part of efforts to strengthen cross-border connectivity. The report said the central bank was simultaneously studying virtual assets, won-based stablecoins and tokenized settlement systems.

Project Hangang remains based on a wholesale central-bank digital currency used beneath commercial-bank deposit tokens, not a retail CBDC issued directly to consumers. The second phase has expanded to nine participating banks while testing transfers, payments and government-linked use cases.

ZetaChain tokenholders have approved a plan to wind down the project’s layer-1 blockchain and migrate its native ZETA token to Solana. 

Governance proposal 68 passed Sunday with 99.4% support and 58% participation, exceeding the network’s 40% quorum requirement. Under the proposal, ZETA will become an SPL token on Solana through a 1:1 conversion, with the same ticker and total supply. 

According to the proposal, the vote does not immediately trigger ZetaChain’s shutdown or migration. Core contributors will submit a second proposal detailing the withdrawal window for assets linked to other blockchains, snapshot block height, shutdown timetable, token claim process and exchange conversion period. Validators will continue operating and staking rewards will continue during the transition.

ZetaChain said running its own Cosmos SDK-based layer 1 no longer supports its focus on Anuma, its private-focused artificial intelligence application. The project said moving to Solana would allow it to redirect resources from blockchain maintenance to Anuma and its Private Memory Layer, which lets users carry encrypted context across AI models.

ZetaChain was founded in 2021 as an interoperability-focused project designed to connect assets and data across different blockchains. In 2023, it raised $27 million from investors including Blockchain.com, Jane Street Capital, Human Capital and Sky9 Capital to develop its layer-1 network.

Crypto projects wind down standalone chains 

Other projects, including BounceBit and Harmony, have also announced plans to shut down their standalone blockchains.

In August, BounceBit opted to retire its standalone blockchain after an authorization flaw was exploited to steal about $3 million in BB tokens. The project migrated its token to BNB Smart Chain at a 1:1 ratio instead of restarting its layer 1. 

On Sept. 6, Harmony proposed shutting down its layer-1 and migrating its native ONE token to Ethereum as an ERC-20, as part of a proposed pivot to an AI video initiative. The proposal came weeks after an exploit created unauthorized ONE tokens and led Harmony to plan a rollback of more than 109,000 transactions. 

Related: Solana sees record 263K tokens issued in a single day

ZetaChain also suffered a $334,000 exploit in April targeting its cross-chain gateway contract, which drained funds from ZetaChain-controlled wallets across Ethereum, Arbitrum, Base and BNB Smart Chain. 

The project later acknowledged that it had dismissed an earlier bug bounty report about the vulnerability as intended behavior, prompting a review of its security processes.

Magazine: Who needs CLARITY anyway? ARB could see 70X increase: Hodler’s Digest

Bitcoin has traded just above $81,000 on Monday, extending its recovery from last week’s drop below $76,000 as regulatory developments, renewed ETF demand and upcoming U.S. macro events shape the next test for the market.

Market data showed BTC rising less than 1% over 24 hours during Asian trading on Sept. 21. The price has held above $80,000 after reclaiming the level late last week, when buyers returned following two sessions of heavy selling.

The recovery began as the U.S. Securities and Exchange Commission opened a regulatory route for qualifying tokenized U.S. stocks on Sept. 17. The SEC decision did not directly attribute any move in Bitcoin to the announcement, though the exemption coincided with improving sentiment across digital assets. The SEC said eligible tokenized securities venues can operate under temporary conditional relief while the agency considers longer-term rules.

Bitcoin rebounds as regulatory sentiment improves

Bitcoin fell below $76,000 during the middle of last week before recovering above $77,000 on Sept. 17 and then breaking through $80,000 around Sept. 18.

The SEC’s Innovation Exemption arrived during that rebound. The framework gives qualifying venues five years of conditional relief to trade certain tokenized National Market System stocks through permissioned automated market makers and liquidity pools. Token holders must receive the same legal and economic rights as owners of the underlying traditional shares.

Issuers retain the ability to object to unaffiliated platforms tokenizing their securities, while smart contracts used by qualifying venues must remain publicly auditable.

As crypto.news reported, the SEC order establishes a five-year pathway while maintaining limits on qualifying securities, venue operations and trading activity.

Bitcoin’s latest move has followed that regulatory development, though price action has remained below the resistance area that stopped the market around $82,000 during the weekend.

Bitcoin ETF demand returned after $746M of withdrawals

Institutional fund flows produced another major swing for Bitcoin last week.

U.S. spot Bitcoin ETFs recorded approximately $159.9 million in net inflows on Sept. 14 before investors withdrew $450.4 million on Sept. 15 and another $295.9 million the following day.

Combined withdrawals across Sept. 15 and Sept. 16 reached roughly $746.3 million, coinciding with Bitcoin’s decline toward the mid-$75,000 area.

Demand returned later in the week. Spot Bitcoin ETFs attracted $159.5 million on Sept. 17 before inflows accelerated to around $433 million on Sept. 18.

Fidelity’s FBTC led Friday’s rebound with $310.7 million, while BlackRock’s IBIT added $108.4 million. Across the full five trading sessions, the funds finished with approximately $6.2 million in net inflows.

Crypto.news reported that Bitcoin ETFs ended the week slightly positive while U.S. spot Ether funds recorded approximately $140.6 million of net withdrawals.

The timing of the flows closely tracked Bitcoin’s volatile week, though ETF subscriptions and redemptions alone do not establish the cause of individual price moves.

Bitcoin momentum stays positive below overbought territory

Bitcoin’s current technical indicators show improving momentum without an overbought reading.

The 14-period Relative Strength Index stands at 59.96, above its moving average of 57.35. The RSI remains below the 70 level, commonly used to identify overbought conditions.

The reading places Bitcoin in neutral-to-bullish territory after the rebound from below $76,000. RSI holding above its own moving average shows momentum has strengthened during the recovery.

MACD gives a similar signal. The MACD line sits near 193.33, while the signal line stands at approximately 143.26, producing a positive histogram close to 50.07.

A positive MACD histogram indicates short-term upward momentum remains intact, although BTC still faces resistance before the rally can extend materially.

Bitcoin is now approaching the $81,700-$82,000 resistance zone, where selling pressure appeared during the weekend. A sustained move above the area would place the market beyond its latest local rejection.

On the downside, $80,000 remains the first level to watch. Losing that psychological threshold could bring the $79,000 area back into play, while a deeper reversal would put the recent breakout structure under pressure.

Fed speakers and PMI data could move Bitcoin this week

Monetary policy remains one of Bitcoin’s main macro variables after the Federal Reserve raised its benchmark interest-rate range by 25 basis points to 3.75%-4.00% on Sept. 16.

The Federal Open Market Committee approved the increase unanimously. In its policy statement, the Fed said economic activity continued expanding at a solid pace while inflation remained elevated.

There is no rate decision scheduled this week, but several Fed officials are due to speak. Investors will monitor their comments for clues about whether September’s increase was an isolated move or part of a longer tightening sequence.

Federal Reserve projections released with the September meeting indicated policymakers still see room for another increase during 2026, though future decisions remain dependent on incoming economic data.

Wednesday brings an important data point.

S&P Global is scheduled to publish preliminary September U.S. manufacturing, services and composite purchasing managers’ indexes at 9:45 a.m. ET on Sept. 23.

August’s flash report showed manufacturing at 53.9 and services at 56.5, both above the 50 level separating expansion from contraction.

Stronger September numbers could support expectations that the U.S. economy can tolerate tighter monetary policy. Weaker readings could revive debate about how far the Fed can continue raising rates.

Trump-Xi meeting adds another market catalyst

Thursday will turn attention toward U.S.-China relations as President Donald Trump and Chinese President Xi Jinping are scheduled to meet.

Reuters reported that trade, tariffs, investment, export controls and technology restrictions are expected to feature in the discussions. Markets will be watching for either an extension of the current trade truce or renewed friction between the two governments.

The existing tariff arrangement is due to expire in November, making Thursday’s meeting relevant for equities, currencies and other risk assets that have reacted to changes in U.S.-China trade policy.

Ahead of the talks, Reuters reported that the Chinese yuan strengthened to its highest level against the dollar in more than three years, while the U.S. dollar index traded around 100.23.

Crypto markets were broadly higher alongside Bitcoin on Monday. NEAR led major tokens with a roughly 23% gain to above $4, supported by increased activity through NEAR Intents and rising ZEC swap traffic. ZEC gained around 3% to above $1,500, while BNB, Ether and HYPE advanced close to 2%. XRP, DOGE, SOL and TRX posted gains of roughly 1% or less.

The Bank of Russia has proposed capping banks’ total risk from cryptocurrencies and foreign digital instruments at 1% of their capital as it sets prudential limits for lenders entering the country’s newly regulated crypto market.

According to the Bank of Russia, the draft regulation would introduce two maximum risk ratios, N31 for individual credit institutions and N32 for banking groups on a consolidated basis. Both would be limited to 1% of the institution or group’s own funds.

The rules would cover more than direct cryptocurrency holdings. Loans, derivatives, bonds, repo transactions, guarantees, credit lines and other financial instruments whose payments or value depend on cryptocurrencies or foreign digital instruments can fall within the calculation.

Banks would have to remain within the 1% ceiling on every operating day, while a breach on any such day would count as noncompliance. The draft gives the central bank authority to take measures against an institution if breaches occur on six or more operating days within any 30 consecutive operating days.

Bank of Russia crypto rules separate assets by risk

The proposed framework divides crypto related transactions into two groups based partly on sanctions and physical liquidity risks, determining how banks can account for long and short positions.

Group 1 includes certain exchange traded cash settled derivatives, qualifying over the counter derivatives and instruments involving counterparties that meet specified credit standards. Some transactions with cryptocurrency miners can qualify under conditions tied to their income from digital asset sales.

Deliverable derivatives and some loans, credit lines, guarantees, repo transactions and bonds can fall into the lower risk group when settlement is available in rubles or currencies of countries Russia does not classify as unfriendly.

For qualifying assets with lower freezing and physical liquidity risks, banks would be permitted to offset opposing long and short positions when calculating exposure. The draft applies discounts when maturities differ, starting at 5% and rising with the gap between the positions. A maturity mismatch of 37 months or more carries an 85% coefficient.

Group 2 captures direct investments in cryptocurrencies and foreign digital instruments, loans settled exclusively with such assets, certain repo transactions and derivatives that do not qualify for Group 1. Other crypto related transactions not included in the first category would fall into Group 2 as well.

The central bank would calculate Group 2 exposure using the larger of a bank’s long or short position in each asset, preventing institutions from fully offsetting the two sides for purposes of the risk limit.

Banks face a 1,250% crypto risk weight

Capital treatment under the proposal would impose a 1,250% risk weight on a bank’s aggregate crypto exposure and certain client positions for which the institution assumes responsibility.

The Bank of Russia said client assets for which a digital depository is responsible for losses arising from seizure or restrictions linked to sanctions risk would be included in the relevant risk calculation. Client positions where the bank does not bear that responsibility would be excluded from the N31 and N32 limits and instead receive a 50% risk weight for capital adequacy purposes.

Cryptocurrencies and foreign digital instruments could not be counted as collateral when banks calculate provisions for possible losses. Derivatives tied to crypto or foreign digital instruments would carry a 36% risk factor under the proposed framework.

The regulator plans to introduce reporting for turnover in the covered instruments and the N31 and N32 ratios from January 2027, with detailed reporting forms still under development. The regulation is expected to be officially published in the fourth quarter of 2026 and would take effect 10 days after publication.

Russia sets bank limits after regulated crypto market opens

The prudential proposal arrives weeks after Russia’s regulated cryptocurrency framework took effect on Sept. 1, bringing trading, custody and cross border crypto transactions under a formal system overseen by the Bank of Russia.

As crypto.news previously reported, nonqualified investors can purchase eligible liquid cryptocurrencies worth up to 300,000 rubles per year through each intermediary after passing a suitability test. Qualified investors can trade without the same purchase ceiling, although testing requirements still apply.

The Bank of Russia had already started preparing operating requirements for the institutions expected to serve the market. Draft rules published in July set out requirements for crypto exchanges and depositories, including registration and capital provisions for companies handling digital assets.

Russian banks have meanwhile been preparing their own infrastructure. Sberbank has set a Dec. 1 target to launch crypto trading infrastructure covering trading, custody, settlement and digital depository services for eligible customers.

Alfa Bank has been testing cryptocurrency trading through its Alfa Investments brokerage application with a limited group of qualified investors. The lender has said a larger rollout depends on the completion of the regulatory framework and has plans to establish its own digital depository.

Regulatory scrutiny has continued alongside the market rollout. On Sept. 15, the Bank of Russia identified cryptocurrencies and stablecoins as a financial market risk, citing concerns that digital assets could be used as substitutes for the ruble and reiterating the possibility of complete investment losses. The regulator’s risk assessment came as Russia continued implementing rules for licensed crypto operators and digital asset custody.