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Progmat Taps Avalanche for $2B Token Migration as Japan Pushes Toward Global On-Chain Finance

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Nexo Partners with Bakkt for US Crypto Exchange and Yield Programs

TLDR:

  • Progmat is migrating 439.6 billion yen in tokenized assets from Corda5 to Avalanche, targeting full completion by June 2026.
  • All Security Token projects on Progmat’s platform will become EVM-compatible, enabling integration with Ethereum-based DeFi ecosystems.
  • Project Keystone uses LCP technology to enable DvP settlement between Security Tokens and stablecoins across different blockchains.
  • Avalanche’s sub-second finality and customizable validator controls meet Japan’s strict financial regulatory and settlement infrastructure requirements.

Progmat, a Japan-based fintech company backed by major megabank groups, is migrating over $2 billion in tokenized assets to the Avalanche blockchain.

The company announced the move on February 26, 2026, as part of a broader infrastructure renewal. The migration covers all Security Token projects currently on its platform, totaling assets worth more than 439.6 billion yen. This shift marks one of the largest tokenized asset migrations in Asia’s financial history.

Tokenized Asset Migration Moves From Corda5 to Avalanche

Progmat’s Security Token platform, “Progmat ST,” has operated on Corda5 since its SaaS migration in October 2024.

Now, the company is replacing Corda5 with Avalanche as the underlying distributed ledger. All existing ST projects will transition to an EVM-compatible, gradually permissionless environment on the new chain.

The migration began in fall 2025 and is expected to reach full completion by June 2026. New ST projects have already started including Avalanche transition disclosures in their securities reports.

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Trust banks, securities companies, and relevant authorities have been briefed and are cooperating with the process.

Progmat structured the migration to minimize disruption for financial operators and investors already using the platform.

The SaaS layers for ST issuers and administrators remain largely unchanged. Only the chain layer is being replaced, keeping the operational impact on existing participants as low as possible.

Avalanche Selected for Financial-Grade Performance and Flexibility

Avalanche’s technical architecture made it a strong fit for Japan’s regulated financial market. Its L1 framework allows operators to control who can transact, who can develop on the chain, and who can run validator nodes. These controls can be tightened or relaxed over time without stopping the chain.

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The platform’s consensus algorithm delivers finality in under one second. This speed is critical for financial settlement, where delays create counterparty risk.

Avalanche also supports native cross-chain communication through its InterChain Messaging protocol, enabling fast and low-cost transfers between L1 chains.

EVM compatibility adds another layer of value. Developers can use existing Ethereum tools and libraries when building on Progmat’s Avalanche infrastructure.

This opens the door to integration with a wide range of DeFi services and smart contract ecosystems, expanding the market reach for tokenized assets held on the platform.

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Cross-Chain Infrastructure Enables Global Settlement Capabilities

Beyond the migration, Progmat is commercializing cross-chain settlement services under a project named “Project Keystone.”

At its core is LCP, a light client proxy running on Trusted Execution Environments, developed in collaboration with Datachain.

This technology enables DvP settlement between Security Tokens and stablecoins, and PvP settlement between stablecoins from different jurisdictions.

The need for cross-chain services stems from a fragmented global market. Japan, the United States, Europe, and South Korea are each developing their own currency-denominated stablecoins on separate ledgers.

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Without interoperability, cross-border transactions between these platforms remain blocked. Progmat’s infrastructure aims to bridge these gaps for institutional participants.

The IBC/LCP protocol was chosen as a core component because it operates without locking operators into a single vendor.

As an open standard, it allows multiple solution providers to participate, which protects the sovereignty concerns of regulated financial institutions.

Combined with Avalanche’s native communication tools, the framework positions Progmat’s platform as a bridge between Japan’s domestic ST market and global on-chain finance infrastructure.

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Pi Network price flashes rare bullish pattern amid upgrades and whale buying

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pi network

Pi Network price has done well this month, moving from a low of $0.1295 on February 6 to the current $0.1700. It has formed a highly bullish pattern, pointing to more gains as key upgrades and whale buying continues.

Summary

  • Pi Network price has formed a bullish flag pattern on the 12-hour chart.
  • The network is undergoing a series of upgrades.
  • Data shows that whales are continuing to accumulate the token.

Pi Coin (PI) price could be on the verge of a strong bullish breakout in the coming days. First, the network is carrying out a major upgrade as it seeks to move to the latest version of the Stellar Consensus Protocol. This upgrade, when fully implemented, will make Pi a faster network with more functionality.

In a statement on Thursday, the developers noted that the next main upgrade deadline will be on March 1. After moving to 19.9, there will be four main stages, with the final one expected to happen in April this year. It is common for cryptocurrencies to rebound ahead of a major upgrade.

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Pi Network price will also benefit from the ongoing whale buying. Data shows that the number of whales jumped rose to 20, with the biggest one holding over 383 million coins. The whale has bought over 17 million Pi coins this month, a sign that he expects it to rebound over time.

Meanwhile, the team noted that they are working on more features. A major one is the plan to launch a KYC-as-a-Service feature, a move that will see it compete with popular platforms like Humanity Protocol and Worldcoin. This product will be based on the success of the ongoing KYC process that has verified over 16 million users. 

The biggest catalyst for the Pi Network Coin price will be the potential Kraken listing. Kraken, a top American exchange, has signaled that it will list it this year. Such a listing will make it available in the United States, and likely put more pressure to other exchanges to list it.

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Pi Network price has formed a bullish flag pattern 

pi network
Pi Coin price chart | Source: crypto.news

The 12-hour chart shows that the Pi Coin price has flashed key bullish patterns that may lead to more gains. It has formed a bullish flag pattern, which is made up of a vertical line and a descending channel. It has now exited the upper side of this channel, which may lead to more gains.

Pi Coin price has also remained above the Supertrend indicator, a sign that bulls are still in control. It also moved slightly above the 50-period moving average, while the Relative Strength Index is pointing upwards. 

Therefore, the most likely Pi Network forecast is bullish, with the next key target being at $0.2065. This target is about 20% above the current level. 

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STRK price outlook as Starknet prepares to launch strkBTC, a shielded Bitcoin for private transactions

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AAVE price risks fresh plunge under $100, bears eye 2-year lows
  • strkBTC will enable private Bitcoin transactions on Starknet’s DeFi network.
  • STRK is down nearly 70% in 90 days, closely tracking Bitcoin’s movements.
  • The key STRK price levels to watch are the support at $0.04 and the resistance at $0.045.

Starknet is gearing up for a major move in the decentralised finance (DeFi) space with the upcoming launch of strkBTC, a Bitcoin-based asset designed to bring privacy and confidentiality to transactions on its Layer-2 network.

According to a press release by Starknet, the new asset will allow users to transact Bitcoin within DeFi without exposing balances or counterparties.

It is built with shielded transfers in mind, giving users the flexibility to maintain privacy while interacting with the DeFi ecosystem.

strkBTC will be issued deterministically from verifiable Bitcoin deposits, meaning that the minting process does not rely on discretionary control.

This ensures that the token’s supply mirrors actual Bitcoin deposits on the network, creating a transparent and verifiable foundation for its use.

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Users can choose between public and shielded modes, enabling confidential transactions while still preserving regulatory compliance.

This is achieved through selective disclosure mechanisms, which allow necessary audits without exposing the broader network activity.

The launch of strkBTC is part of Starknet’s strategy to increase Bitcoin adoption in DeFi while addressing concerns that have historically held back institutional participation.

By combining privacy, composability, and auditability, Starknet aims to attract both retail and institutional users to its ecosystem.

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Starknet (STRK) market reaction

Starknet’s native token, STRK, has been under significant pressure in recent months.

The token has dropped roughly 70% over the past 90 days, reflecting a broader trend in cryptocurrency markets.

Its current price sits near $0.042, with a 24-hour decline of over 8%.

However, market activity remains moderate, with a 24-hour trading volume of around $52 million and a total value locked (TVL) on the network of roughly $446 million.

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The upcoming strkBTC launch may provide a catalyst for renewed interest.

The introduction of a privacy-focused Bitcoin asset could enhance the utility of the Starknet network and increase demand for STRK as a governance and utility token.

In addition, STRK’s performance is closely tied to Bitcoin’s price movements, and the stabilisation of BTC above $66,000 could help STRK consolidate in the range of $0.04 to $0.045.

On the other hand, a sustained move below $0.04 may see the STRK token test the $0.035 support zone.

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Investors should also keep an eye on broader market sentiment indicators, such as the Fear & Greed Index.

Historically, movements out of extreme fear have preceded market rebounds, suggesting that even in a downtrend, relief rallies are possible.

STRK price forecast

Starknet (STRK) remains in a cautious position, with short-term consolidation possible, although long-term direction is dependent on broader crypto market recovery and the success of strkBTC’s adoption within Starknet’s DeFi ecosystem.

The launch of strkBTC adds an important layer of fundamental support for STRK, as the token’s utility within the network is set to increase.

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For short-term traders, the key levels to watch include the immediate support at $0.04 and the resistance at $0.045.

A break above $0.045 could signal the start of a more sustained recovery, especially if Bitcoin shows strength simultaneously.

Conversely, a drop below $0.04 would likely signal further downside toward $0.035, continuing the current bearish trend.

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Why Retail Is Moving From Crypto To Stock: Will They Comeback?

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Why Retail Is Moving From Crypto To Stock: Will They Comeback?

Retail activity in crypto fell off a cliff, and it seems they are moving elsewhere.

Spot volumes are down 25% to 30%, and Estimated Leverage Ratios have dropped 28%. This looks like capitulation, coming four months after Bitcoin topped at $126,000 and slid 46%.

Capital is rotating hard into equities. The old “buy the dip” reflex that defined the 2024–2025 run is fading. Liquidity on major exchanges is thinning, and instead of moving with tech stocks, crypto is starting to lose capital to them as traders choose stability over volatility.

Key Takeaways

  • The Signal: Leverage Flushed: Estimated Leverage Ratios (ELR) plummeted from 0.1980 to 0.1414, wiping out speculative froth.
  • The Data: Equities Rotation: Retail traders hit all-time high net inflows of $650 million into stocks and options in January 2026.
  • The Outlook: Sideways Summer: Analysts predict range-bound action through mid-2026 as retail capital remains sidelined.

The Data Behind the Retail Crypto Liquidity Drain

The data is clear. The speculative engine has stalled. Estimated Leverage Ratios dropped 28%, sliding from 0.1980 to 0.1414.

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Source: CryptoQuant

Binance activity fell by about $4.71 billion, down 16.4%, with daily volume now near $24 billion. Without heavy retail participation, rebounds are weak and short-lived. Price is leaning on passive institutional flows rather than aggressive speculation.

The “digital gold” hype has cooled among short-term traders. After the fall from $126,000, fewer participants are willing to catch dips. The leverage reset suggests the high-risk crowd that drove the 2025 rally has either been liquidated or stepped aside.

People Are Moving From Crypto To Stocks

Retail is not moving to cash. It is moving to stocks.

In January 2026 alone, retail traders funneled $350 million into cash equities and more than $300 million into options. That is record flow. The shift is clear.

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Source: Wintermute

The BTC-to-Nasdaq volatility ratio has dropped below 2x. Stocks now offer comparable volatility with far smaller drawdowns. After a 46% Bitcoin correction, that trade-off looks rational to burned traders.

Institutions are still active in crypto through ETFs, but they provide floors, not frenzy. They accumulate quietly. They do not create viral rallies.

Meanwhile, the speculative energy has rotated to AI-driven equity names. Traders are using language models to dissect earnings and hunt for an edge in stocks. Compared to that, crypto currently looks opaque and momentum-starved.

Until retail risk appetite swings back, crypto is missing the explosive buy-side pressure that once fueled vertical moves.

Discover: Here are the crypto likely to explode!

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The post Why Retail Is Moving From Crypto To Stock: Will They Comeback? appeared first on Cryptonews.

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ZachXBT accuses Axiom employees of insider trading

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Ethereum address poisoning crypto users $62M in two months: ScamSniffer

A new investigation claims that employees at crypto trading platform Axiom abused internal tools to access private user data and profit from insider trading.

Summary

  • ZachXBT released a report accusing Axiom Exchange employees of misusing internal tools to track private wallets.
  • The investigation linked leaked dashboards, recorded calls, and on-chain data to alleged insider trading and coordinated memecoin activity.
  • Unusual betting on Polymarket before the reveal raised further questions about information leaks and market manipulation.

On Feb. 26, blockchain investigator ZachXBT published a detailed report on X accusing staff at Axiom Exchange of misusing internal dashboards to track private wallets and trade ahead of users.

According to the report, one of the main figures involved was Broox Bauer, known online as @WheresBroox, a senior business development employee based in New York. ZachXBT said Bauer had access to internal systems that allowed him to search users by referral code, wallet address, or user ID.

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Internal tools allegedly used to track private wallets

Recordings and leaked screenshots reviewed by the investigator show Bauer discussing how he researched 10 to 20 wallets at first and expanded gradually to avoid detection. In one clip, he claimed he could “find out anything” about an Axiom user.

In another, he outlined rules for requesting lookups and offered to share full wallet lists.

Screenshots from April and August 2025 allegedly showed internal dashboards displaying private wallet connections for traders identified as “Jerry” and “Monix.” Bauer also discussed tracking users who traded the memecoin AURA.

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ZachXBT said the group compiled this information into Google Sheets, mapping wallet addresses linked to prominent traders and influencers. Several of those named reportedly confirmed that the data matched their private wallets.

One targeted trader, Marcell, was known for accumulating large token supplies before promoting projects to followers. Investigators said such traders were attractive targets because their private wallets were rarely public, making internal data especially valuable.

On-chain analysis linked Bauer’s main wallet and related addresses to heavy memecoin trading. Funds were traced to multiple centralized exchange deposit wallets, although ZachXBT noted that confirming exact insider trades would require Axiom’s internal logs.

The report also mentioned other employees and associates, including Ryan (Ryucio), Gowno (Seb), and a moderator known as Mystery, as being involved in or aware of lookup activity.

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Axiom was founded in 2024 and later joined Y Combinator’s Winter 2025 batch. ZachXBT said the company had generated more than $390 million in revenue to date.

Polymarket bettors realize huge profits

The investigation also triggered unusual activity on Polymarket, where users had previously bet on which company would be exposed. In the days before the report, the market saw more than $23 million in volume.

Two wallets reportedly placed nearly $60,000 in bets on Axiom just hours before the reveal and earned about $109,000, according to data shared by Lookonchain. “Insiders making money on a bet about insider trading — interesting,” Lookonchain remarked.

Another trader, “predictorxyz,” wagered $65,800 when odds were below 14% and later made more than $411,000. Some analysts suggested these trades may have relied on non-public information.

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Following the report, Axiom released a statement saying it was “shocked and disappointed” by the alleged misuse of internal tools. The company said it had removed access to the systems involved and launched an internal investigation.

ZachXBT criticized Axiom for weak access controls, noting that business development staff could view full wallet histories, nicknames, and linked accounts. He added that the case may fall under the jurisdiction of the Southern District of New York because Bauer is based in New York.

Whether criminal charges follow remains unclear. However, the report has renewed concerns about employee oversight, data security, and insider risk within fast-growing crypto platforms.

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Will crypto market dip as USDT exchange reserves decline?

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Will crypto market dip as USDT exchange reserves decline?

The crypto market has faced sustained pressure in February, with prices struggling to build momentum amid declining stablecoin exchange reserves.

Summary

  • CryptoQuant reports USDT reserves fell from $60B to $51.1B in two months, reducing market liquidity.
  • Daily trading volumes are modest and active on-chain wallets have been declining.
  • Analysts are split: VanEck calls it orderly deleveraging, while others warn of deeper losses if support breaks.

Bitcoin (BTC) has dropped by nearly 50% from its peak in October 2025 and by roughly 30% since the year began. Alongside the decline, there has been slower stablecoin growth, cautious interest rate signals from the Federal Reserve, and weaker U.S. manufacturing data.

Total market capitalization has fallen to around $2.3 trillion. At the same time, the Fear and Greed Index has slipped to cycle lows. Continued exchange-traded fund outflows have added to investor caution and reduced fresh capital entering the market.

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Liquidity drain raises downside risks

On Feb. 26, CryptoQuant analyst TopNotchYJ warned that shrinking stablecoin reserves are becoming a major risk factor. Data shows that Tether (USDT) exchange balances fell from $60 billion to $51.1 billion in two months, a $9 billion decline that has tightened trading liquidity since January.

TopNotchYJ described the drop in USDT reserves as clear evidence of capital moving out of crypto markets. Stablecoins are the main source of trading activity, and falling balances usually signify a drop in investor confidence. Moving below $50 might put more selling pressure on major assets like XRP, ETH, and BTC. 

The number of active wallet addresses has also rapidly decreased, from about 376,000 to 263,000. This shows that retail investors and institutional investors are taking a backseat. Price rebounds typically lose strength when there are fewer market participants, as demand naturally softens.

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A similar pattern is visible in trading behavior. The daily volume has dropped by more than 6% to roughly $339 million. This indicates little speculative activity in the market, but it does not suggest widespread panic selling. 

Short-term outlook and analyst views

Analysts remain divided, although most expect high volatility in the near term. Some warn that Bitcoin could slide another 20% to 30% if economic pressure continues, especially if support near $60,000 breaks. The $70,000 level continues to act as a major barrier to recovery.

Matthew Sigel of VanEck has described the recent decline as “orderly deleveraging.” He argues that leverage has cooled and that the market is adjusting rather than entering a full collapse.

Researchers at K33 Research see parallels with the late-2022 bottom. They point to fragile economic conditions and stagnant stablecoin supply as limits on short-term upside.

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More positive views come from Bitwise Asset Management, which manages more than $15 billion. Their analysts continue to highlight Bitcoin’s long-term potential and see recent pullbacks as possible accumulation opportunities.

Several technical levels remain are now in focus. Support lies between $64,000 and $66,000, followed by $60,000 and the $50,000–$55,000 zone. Resistance is clustered near $70,000 and $80,000.

Until stablecoin reserves recover and user activity improves, analysts expect the market to stay vulnerable, with downside risks likely to persist in the coming weeks.

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US Lawmakers Introduce Bill to Protect Blockchain Devs from Prosecution

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Law, Politics, Congress, Crimes, Developers

A bipartisan group of lawmakers in the US House of Representatives has introduced legislation aimed at halting prosecution of software developers who do not have custody or control of others’ crypto assets.

In a Thursday notice, Representatives Scott Fitzgerald, Ben Cline and Zoe Lofgren said that they would be sponsoring the Promoting Innovation in Blockchain Development Act in an effort to change how to handle criminal cases potentially involving blockchain developers.

The bill would clarify that Section 1960 under US federal law, on the “prohibition of illegal money transmitting businesses,” would apply only to actors with control of others’ digital assets.

At least two crypto advocacy organizations publicly supported the bill. The Blockchain Association called it a “critical step” to encourage US-based developers. The DeFi Education Fund (DEF) said the legislation would likely put a stop to prosecutions similar to those of Tornado Cash developer Roman Storm or the creators of the Samourai Wallet. 

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“[The bill] makes it clear software developers who do not take custody of or control other people’s money can build neutral technology, here at home, without worrying about being criminally prosecuted as if they are a financial intermediary,” said DEF.

Law, Politics, Congress, Crimes, Developers
Source: DeFi Education Fund

It’s unclear whether the bill, if signed into law, would put a stop to previously filed cases against developers. Storm was found guilty of running an unlicensed money transmitter business in August 2025, while Samourai Wallet founders Keonne Rodriguez and Will Lonergan Hill pleaded guilty to similar charges in July and were later sentenced to five and four years in prison, respectively.

Related: US ‘crypto capital’ claim tested by developer prosecutions

As of Thursday, Storm had yet to be sentenced or face a possible retrial for two other charges.

US Senate to potentially address blockchain bill

Lawmakers in the US Senate have already pitched their own bill for developer protection. In January, Senators Cynthia Lummis and Ron Wyden introduced the Blockchain Regulatory Certainty Act, to clarify that developers writing code or maintaining networks don’t meet the requirements for being criminally liable as an unlicensed money transmitter.

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In the meantime, the Senate has been considering how to move forward with a comprehensive digital asset market structure bill sent from the House in July 2025.

The CLARITY Act passed the Senate Agriculture Committee in January, but has yet to be addressed with a markup in the Senate Banking Committee. It’s unclear whether the final bill potentially passed by the full chamber could address developer protections, which face pushback from some lawmakers.

Magazine: Clarity Act risks repeat of Europe’s mistakes, crypto lawyer warns

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