Banking giant JPMorgan has filed to launch a new tokenized money market fund on Ethereum. The fund allows stablecoin issuers to hold reserves in a regulated vehicle while earning interest.

The filing comes after Morgan Stanley announced its own money market fund called the Stablecoin Reserves Portfolio.

JPMorgan Files to Launch Tokenized Money Market Fund

The fund, called the OnChain Liquidity-Token Money Market Fund, will trade under the ticker JLTXX. According to a regulatory filing with the Securities and Exchange Commission, it will invest in US Treasury bills and overnight repurchase agreements collateralized by cash or US Treasurys. The fund will also comply with the GENIUS Act, signed in July, and be managed by JPMorgan’s Kinexys Digital Assets (KDA) unit. The filing adds that the fund utilizes a “permissioned system” sitting on top of blockchains. The fund is currently available only on Ethereum, but will be expanded to other networks in the future. The filing states, “The Ethereum blockchain, a public blockchain network, is currently the only available blockchain for use by investors, although expansion to other blockchains is anticipated in the future.”

Fund Details

Investors in the fund must commit a minimum investment of $1 million. The fund has a 0.16% annual fee after waivers. JPMorgan stated that the filing becomes effective on Wednesday, but has not disclosed the fund’s launch date. The fund also highlighted blockchain technology risk alongside interest rate changes and general market risks, noting that blockchain technology is relatively new and untested. The risks include the blockchain not functioning as intended, regulatory concerns, and unknown technical flaws.

Blockchain-based tokenization has attracted strong interest from Wall Street, with executives believing the technology offers greater efficiency in settlements and trading than traditional systems. According to RWA.xyz data, over $32 billion worth of real-world assets, including stocks, bonds, commodities, and real estate, are currently tokenized on-chain.

The fund is JPMorgan’s second crypto-linked initiative in a week following Ondo Finance’s collaboration with the bank’s Kinexys platform, Ripple, and Mastercard to settle tokenized treasuries on the XRP ledger. The upcoming tokenized money market fund will directly compete with BENJI, a tokenized money market fund from rival Franklin Templeton. BENJI is available on BNB Chain, Avalanche, and Canton.

JPMorgan’s Foray Into Tokenization

JLTXX is JPMorgan’s second tokenized product after the My OnChain Net Yield Fund (MONY). MONY launched in December on Ethereum and holds short-term debt securities with higher returns than bank deposits. JPMorgan also participated in a pilot transaction last week, moving the first tokenized US Treasury fund from the US to its Singapore bank account via the XRP ledger and interbank rails.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin BTC$80,949.32, a leading indicator of risk sentiment, remains a paragon of stability ahead of President Donald Trump’s arrival in Beijing for talks with his Chinese counterpart, Xi Jinping.

The largest cryptocurrency recently traded 0.5% higher since midnight UTC at $80,900, in line with the gain of the CoinDesk 5 Index (CD5). All five members of the index advanced. The broader CoinDesk 20 Index (CD20) rose 1.3% while the CoinDesk 80 (CD80) was little changed, indicating a particular focus on the largest tokens.

The Trump-Xi talks are likely to cover tariffs, rare earth supply chains, and the Middle East. Any positive outcome, even a symbolic one on paper, could improve overall market sentiment and support risk assets

Ether (ETH) added 1.3% since midnight to $2,300 after the Ethereum Foundation published “Clear Signing,” a new standard designed to stop users from unknowingly approving malicious crypto transactions.

Among altcoins, Injective blockchain’s INJ token surged as much as 24%, the most since Feb. 19, alongside 5% gains in Polkadot’s DOT and the TRUMP memecoin.

Derivatives Positioning

• BNB futures open interest (OI) rose to 6.15 million tokens, up over 5% in 24 hours and the highest since April 3. The move points to fresh capital inflows.
• ZEC’s OI growth is the biggest among the major cryptocurrencies. Its 24-hour cumulative volume delta (CVD) is also positive and the highest among majors.
• That’s also a sign of new money flowing into the market, with traders buying via market orders rather than passive limit orders, signaling strong bullish sentiment.
• Still, the BNB market doesn’t look overheated. Funding rates remain below an annualized 10%, a sign of healthy bullish conditions without excessive leverage buildup. Its market capitalization has increased to $92.2 billion, the highest since March 18, reflecting renewed investor interest.
• OI in DOGE has increased 5.75% to 15.38 billion tokens, with its price chart pointing to a bullish crossover of the widely tracked 50- and 100-day simple moving averages. The token traded 4% higher at 11 cents as of writing. The other key metrics display a BNB-like bullish setup, suggesting improving speculative demand.
• Another standout is ether (ETH), the second-largest token by market value. OI in ether futures topped 15 million ETH, nearing last July’s record 15.30 million.
• The increasing demand for leverage, coupled with the relentless tightening of Bollinger Bands, suggests scope for a volatility boom.
• OI in bitcoin has held largely unchanged near 740K BTC in the past 24 hours, indicating relatively stable positioning in bitcoin compared to altcoins.
• Broadly speaking, most tokens, except BNB, XRP and TRX, have negative 24-hour CVDs, meaning the altcoin market is dominated by sellers shorting via market orders rather than passive limit orders. That signals lingering caution beneath the broader market strength.
• While macro risks pile up in the form of high inflation and hardening bond yields across the advanced world, the market remains calm. That’s evident from the continued decline in bitcoin’s and ether’s 30-day implied volatility indices. Ether’s EVIV index hit fresh year-to-date lows below 55%, while BVIV remains pinned near 40%, levels last seen in late January.
• The subdued volatility environment suggests traders are not yet pricing in major near-term turbulence.
• In the options market on Deribit, higher-strike call options continue to dominate volume rankings. Calls represent a bullish bet on the underlying BTC.
• As for block flows, put spreads and straddles emerged as preferred strategies over the past 24 hours, indicating traders are positioning for both downside protection and a potential volatility expansion.

Token Talk

• The DeFi United initiative seems to be restoring confidence in decentralized finance ecosystem, with the tokens of Aave AAVE$98.68, Arbitrum (ARB) and Lido (LDO) recovering over the past week.
• AAVE rose 3%, ARB gained 16% and LDO added 11% over seven days. ARB’s move stands out after the Kelp DAO exploit, which hit Arbitrum lending markets and left wrapped ether stranded across chains.
• The April 18 attack released unbacked rsETH through Kelp’s LayerZero OFT bridge. Aave’s incident report attributed the path to a forged LayerZero packet and a single-DVN configuration, while LayerZero linked the attack to North Korea’s Lazarus Group. It sparked a widespread recovery effort.
• Phase 1 of that recovery is now complete. The attacker’s rsETH on Arbitrum was burned, removing the unbacked supply, and Aave V3 positions tied to the exploiter were forcibly liquidated.
• The 117,132 rsETH, worth roughly $278 million, is set to be progressively refilled into the LayerZero bridge adapter over the next two weeks. Withdrawals are expected to resume within 24 hours of the first tranche.
• A separate legal process is ongoing for 30,765 ETH, roughly $71 million, frozen by Arbitrum’s Security Council. A U.S. federal court cleared an Arbitrum governance vote to move the funds to an Aave-controlled wallet while keeping the recovered ETH under court restrictions.

JPMorgan has filed to launch a tokenized money market fund on Ethereum, allowing stablecoin issuers to hold reserves backing their stablecoins in a regulated, cash-like vehicle while earning interest.

The “OnChain Liquidity-Token Money Market Fund,” ticker JLTXX, will invest in US Treasury bills and overnight repurchase agreements collateralized by US Treasurys or cash, according to a filing Tuesday with the US Securities and Exchange Commission. JLTXX seeks to comply with the GENIUS Act, a stablecoin-focused law signed in July. 

Investors are subject to a $1 million minimum investment, and the fund carries a 0.16% annual fee after waivers. The fund will be managed by JPMorgan’s blockchain unit, Kinexys Digital Assets. The investment bank said the filing would take effect on Wednesday, though it did not disclose when it would launch the fund.

Blockchain-based tokenization has attracted growing interest from Wall Street executives in recent months, many of whom see the technology as offering greater operational efficiency for trading and settlement than traditional systems. 

More than $32.2 billion worth of real-world assets, excluding stablecoins, are currently tokenized onchain, according to RWA.xyz data. Nearly every major asset class has been tokenized, including commodities, stocks, bonds and real estate.

Source: Token Terminal

Bloomberg analyst Eric Balchunas said JPMorgan’s JLTXX is also a “big deal” because the 0.16% fee is low for a money market fund with a stable asset value.

JPMorgan’s blockchain use cases

The launch of JLTXX follows JPMorgan’s first tokenized product, My OnChain Net Yield Fund, or MONY, which launched in December and also runs on Ethereum. MONY holds short-term debt securities designed to deliver returns higher than bank deposit rates, with interest and dividends accruing daily. 

The filing for JLTXX also comes after a pilot transaction JPMorgan participated in last week, in which the first tokenized US Treasury fund moved from the US via XRP Ledger and interbank rails to one of JPMorgan’s Singapore bank accounts in a matter of seconds.

In April, Morgan Stanley launched the Stablecoin Reserves Portfolio, which allows stablecoin issuers to park reserves backing their fiat-pegged tokens in one of the bank’s money market funds while earning interest.

Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO 

However, the International Monetary Fund flagged several concerns about tokenization in a report in April, arguing that tokenization shifts risk from the banking system to shared ledgers and smart contract code, making it more difficult to intervene during “stress events.” 

The IMF added that without legal clarity over ownership records and settlement finality, tokenized markets risk being “fragmented and peripheral.” 

Several industry pundits, including “Shark Tank” investor Kevin O’Leary, have said crypto market structure legislation —  such as the CLARITY Act — is needed to iron out these issues.

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

Vietnam could start official activity in its regulated crypto asset market as early as the third quarter of 2026. 

Deputy Minister of Finance Nguyen Duc Chi gave the update at the Digital Trust in Finance 2026 forum in Hanoi on May 12. 

Chi said “as early as the third quarter” Vietnam could witness the first official market activity under rules built for safety and transparency. The statement points to a more active phase for a market that has already entered a pilot period.

Five firms move through licensing process

The Ministry of Finance is working with the Ministry of Public Security and the State Bank of Vietnam to approve five companies for digital asset trading platform services. VnEconomy said the step forms part of Vietnam’s wider digital finance plan. 

Reuters earlier reported that affiliates of Techcombank, VPBank and LPBank were among firms that passed an initial screening round. VIX Securities and Sun Group were also listed in the process. 

Additionally, the new framework follows Vietnam’s five-year crypto market pilot. Earlier reports noted that licensed platforms will need to support trading in Vietnamese dong from 2026, with reporting and anti-money laundering duties included. 

The policy aims to move part of Vietnam’s crypto activity away from offshore exchanges. Reuters reported that many local traders still use platforms such as Binance, OKX and Bybit because domestic regulated options remain limited. 

Crypto adoption adds pressure for clear rules

Vietnam ranked fourth in Chainalysis’ 2025 Global Crypto Adoption Index, behind India, the United States and Pakistan. The country also ranked fourth for centralized service value received and sixth for DeFi value received. 

Chainalysis said APAC was the fastest-growing region for onchain crypto activity in the 12 months ending June 2025. It cited India, Vietnam and Pakistan as key markets driving growth across centralized and decentralized services. 

Vietnam’s legal framework is still in its pilot stage. VnEconomy reported in March that the framework will be reviewed during the five-year period and adjusted as market conditions change. 

Officials are also working on tax, accounting and auditing rules for crypto service providers, issuers and trading firms. The Q3 target shows Vietnam is preparing to test regulated crypto trading while keeping oversight within local financial channels.

Key Points

1. Restoration efforts begin for rsETH following a devastating $292M security breach
2. Two-week phased approach planned to refill 117,132 rsETH tokens
3. Aave supports restoration initiative after completing critical recovery measures on Arbitrum
4. Enhanced bridge security protocols implemented before resuming full operations
5. Withdrawal functionality expected to return as final recovery stages progress

Following the completion of crucial recovery procedures from a $292 million security breach, Kelp DAO and Aave have initiated efforts to restore rsETH functionality. The protocols announced plans to redistribute 117,132 rsETH tokens into the LayerZero OFT adapter through a carefully structured two-week timeline. This significant development represents a critical milestone toward reinstating full platform capabilities, including withdrawal processing, deposit acceptance, token redemptions, cross-chain bridging, and rewards distribution.

Restoration Strategy for rsETH Tokens

Kelp DAO outlined that the token restoration will utilize resources from both the Aave Recovery Guardian and Kelp Recovery Safe. These assets will be transferred to the LayerZero OFT adapter on the Ethereum mainnet through multiple installments. Following the arrival of the initial installment, Kelp anticipates reactivating withdrawal capabilities within a 24-hour window.

According to the protocol’s statement, rsETH tokens on both the mainnet and Layer 2 ecosystems maintain complete backing. Nevertheless, standard platform functionality will only return once smart contract systems are reactivated. These standard features encompass deposit processing, token redemption services, cross-chain transfers, and claim distributions across all supported blockchain networks.

Kelp has also finalized comprehensive security enhancements across its LayerZero bridge infrastructure. The updated system mandates verification from four separate attestors alongside 64 block confirmations. Furthermore, the protocol eliminated all Layer 2-to-Layer 2 transfer pathways to minimize exposure to cross-chain vulnerabilities.

Aave’s Role in Recovery Implementation

Aave verified completion of initial recovery procedures connected to the security incident. The process involved eliminating the attacker’s rsETH holdings on Arbitrum following coordinated recovery actions. The protocol is now positioned to facilitate the staged restoration into the mainnet adapter.

The April 18 security breach resulted in the loss of 117,132 rsETH tokens and caused widespread disruption across multiple DeFi platforms. The perpetrator converted portions of the stolen holdings into Aave collateral to borrow WETH. This maneuver generated approximately $190 million in uncollateralized debt for the lending platform.

Subsequently, Aave participated in establishing DeFi United to mitigate broader market consequences. The alliance secured over $300 million in ETH pledges from prominent DeFi organizations. Consequently, the recovery initiative obtained sufficient backing to address the rsETH collateral deficit.

Ongoing Legal Proceedings

The Arbitrum Security Council immobilized approximately 30,766 ETH associated with the perpetrator on April 20. These assets were designated to contribute to the DeFi United restoration initiative. However, litigation in a U.S. court subsequently stalled the asset transfer timeline.

Claimants holding terrorism-related judgments against North Korea petitioned for authority over the frozen ETH. Their argument centered on assertions that the Lazarus Group executed the breach on behalf of North Korean interests. Aave contested the court directive, maintaining that misappropriated assets should be returned to impacted platform users.

A Manhattan court subsequently authorized Arbitrum to relocate ETH to an Aave-managed wallet. However, Aave remains prohibited from liquidating or redistributing these assets pending additional judicial authorization. In parallel developments, Kelp is transitioning rsETH bridge operations from LayerZero to Chainlink CCIP to establish enhanced security safeguards.

Charles Schwab, the brokerage giant that manages around $12 trillion in client assets, began the rollout of its spot cryptocurrency trading service for retail customers in the U.S.

An initial group of clients can now trade bitcoin BTC$80,939.45 and ether (ETH) on the Schwab Crypto platform, the company posted on X on Tuesday.

In July last year, CEO Rick Wurster said the company planned to introduce crypto trading in the near future, with a timeframe of first-half 2026 confirmed last month.

The Westlake, Texas-headquartered firm already offers crypto investments through exchange-traded funds (ETFs) and futures trading.

The ability to directly trade the actual assets through a company with the scale of Schwab could be a pivotal accelerator for mainstream crypto adoption.

As one of the largest brokerage firms in the world, Schwab could offer its roughly 35 million clients the opportunity to trade BTC and ETH in an environment they already recognize rather than having to register with a standalone crypto exchange.

AJC Mining expands access to Bitcoin cloud mining with simplified online hash rate contracts.

The cryptocurrency market is once again attracting global attention. XRP-related headlines have highlighted a major shift in the digital asset industry: traditional financial institutions are increasing their exposure to blockchain-based assets, real-world tokenization is expanding into new markets such as Japan, and on-chain financial products are becoming more relevant to institutional investors.

These developments send a powerful signal to the global market: cryptocurrency is no longer only a speculative trend. It is becoming part of the broader financial infrastructure. As institutional capital continues to flow into digital assets, the long-term value foundation of the crypto market, especially Bitcoin, is becoming stronger.

For everyday investors, this creates an important question: how can they participate in the growth of the crypto industry without directly facing the extreme volatility of buying and selling coins in the spot market?

One practical answer is Bitcoin cloud mining.

Why Bitcoin cloud mining is becoming popular

Traditional cryptocurrency mining often requires expensive mining machines, technical knowledge, a stable electricity supply, cooling systems, and ongoing maintenance. For most individual users, building and managing a physical mining setup is costly and complicated.

Bitcoin cloud mining provides a more accessible alternative. Instead of buying mining hardware, users lease computing power, also known as hash rate, from remote mining facilities. This allows users to participate in Bitcoin production through an online platform without personally managing machines or infrastructure.

AJC Mining is designed to make this process easier for users who want to enter the mining industry with a lower barrier. By offering cloud-based mining contracts, AJC Mining allows users to access mining opportunities through a simple online dashboard.

Is cloud mining profitable?

One of the most searched questions in the industry is: Is cloud mining profitable?

The answer depends on several important factors, including the Bitcoin price, network mining difficulty, contract cost, platform service fees, and the amount of hash rate purchased. Since market conditions can change, users should always calculate potential earnings before selecting a mining plan.

This is why a mining profit calculator is an important tool for anyone considering cloud mining. By entering the contract cost, estimated Hash Rate, contract duration, and current market conditions, users can better understand possible daily and monthly mining income.

AJC Mining encourages users to evaluate plans carefully and choose contracts based on their own budget, risk tolerance, and long-term goals.

Why choose AJC Mining for cryptocurrency mining?

When searching for the best cloud mining platforms, users should pay attention to transparency, contract flexibility, payout rules, platform reputation, and ease of use.

AJC Mining focuses on providing a user-friendly cloud mining experience for both beginners and experienced crypto users. The platform offers cloud mining contracts that allow users to participate in Bitcoin mining without purchasing hardware, managing electricity costs, or dealing with technical maintenance.

Key advantages of AJC Mining include:

• Accessible Bitcoin cloud mining contracts
• Simple registration and account setup
• Daily earnings settlement according to contract terms
• Flexible contract options for different budgets
• Beginner-friendly platform interface
• Trial opportunities through free cloud mining rewards
• Tools such as a mining profit calculator to help users estimate potential returns

How to join AJC Mining?

The process for joining AJC Mining is relatively simple, making it ideal for new users with no prior mining experience.

Step 1: Register an account

Users can register an account via the official AJC Mining website. Upon successful registration, new users will receive a $15 reward.

(Click here to register now and claim a reward.)

Step 2: Select a cloud mining contract
The platform offers a variety of short-term and long-term cloud mining contracts for users to choose from. Users can make their selection based on their personal budget, desired contract duration, and profit objectives.

Step 3: Activate the contract
Once a contract has been selected, the system will automatically deploy the cloud-based computing power and settle earnings on a daily basis, in accordance with the terms of the contract.

AJC Mining cloud mining contract reference

The aforementioned contracts represent the various computing power plans offered by the platform. Users may select a cloud mining strategy that best suits their individual needs. AJC Mining emphasizes fixed terms, daily settlements, and automated operations, aiming to provide users with a more convenient cloud mining experience.

(Click here to view more cloud mining contracts.)

Free cloud mining: A smart way to start

For many new users, free cloud mining is the easiest way to understand how cloud mining works. Some platforms provide a small amount of free Hash Rate or registration bonus so users can test the system before purchasing a paid contract.

AJC Mining offers new users a registration reward, allowing them to experience the platform and learn how cloud mining contracts, daily settlements, and mining dashboards work.

However, free rewards should mainly be viewed as an educational starting point. Users who want to pursue more meaningful mining income may consider selecting a paid contract after reviewing the platform, calculating potential returns, and understanding the risks involved.

How to select the best cloud mining platforms

The growth of the crypto market has attracted many cloud mining providers, but not all platforms offer the same level of service. Before choosing a provider, users should compare several important factors.

First, a reliable cloud mining platform should clearly explain how its contracts work, including Hash Rate allocation, contract duration, payout rules, and possible fees. Second, the platform should provide tools that help users make informed decisions, such as a mining profit calculator. Third, users should review the platform’s reputation, support service, and operating history.

AJC Mining aims to position itself among the best cloud mining platforms by offering accessible cloud mining contracts, daily settlement mechanisms, and an easy-to-use experience for users interested in Bitcoin mining.

Hash rate: The core of Bitcoin cloud mining

In cryptocurrency mining, hash rate refers to the computing power used to process Bitcoin mining calculations. In general, a higher Hash Rate means more mining power is being contributed to the network.

For cloud mining users, Hash Rate is the key resource purchased through a contract. Instead of owning physical mining machines, users lease Hash Rate from the platform. This allows them to participate in Bitcoin mining without managing equipment.

When comparing cloud mining contracts, users should pay attention to the amount of Hash Rate included, the contract price, the duration, and the estimated payout. These factors directly affect potential mining performance.

AJC Mining and the future of Bitcoin cloud mining

As institutional adoption of digital assets continues to grow, Bitcoin remains one of the most important assets in the cryptocurrency market. While buying Bitcoin directly can expose users to price volatility, Bitcoin cloud mining offers another way to participate in the crypto economy.

AJC Mining provides an accessible path for users who want to explore Bitcoin mining without hardware investment. Through cloud-based Hash Rate contracts, daily settlement, and beginner-friendly tools, AJC Mining helps users enter the mining industry more conveniently.

For users asking “Is cloud mining profitable?”, the best approach is to calculate carefully, compare contract options, and start with a plan that matches their budget. A mining profit calculator can help users estimate potential returns before activating a contract.

Conclusion

The global crypto market is entering a new stage. From institutional XRP adoption to real-world tokenization and on-chain financial applications, blockchain technology is becoming more connected with traditional finance.

In this environment, Bitcoin cloud mining is attracting more attention as a practical way to participate in cryptocurrency mining without purchasing hardware. AJC Mining offers users a simple and accessible platform to lease hash rate, explore free cloud mining, use a mining profit calculator, and choose from flexible mining contracts.

For users searching for the best cloud mining platforms, AJC Mining provides a beginner-friendly option for entering the Bitcoin mining market.

Start the cloud mining journey with AJC Mining today and explore a more accessible way to participate in the future of digital assets.

For more information, visit the official website and download the mobile app.

EToro reported first-quarter net income of $82 million, up 37% from a year earlier, as a surge in commodities trading offset weaker crypto activity.

Net income rose 37% year-over-year to $82 million, compared to $60 million in Q1 2025, the company announced Tuesday. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) climbed 35% to $109 million, from $80 million a year earlier, while net contribution grew 19% to $258 million.

The upbeat results were driven largely by commodities trading, which accounted for roughly 60% of trading commissions in the quarter, with volumes up nearly fourfold year-over-year. The company also expanded its equities offering, adding Japanese stocks to bring its exchange coverage to 26 and activated its BitLicense to launch crypto trading in New York.

Net revenue and income. Source: EToro

Funded accounts grew 12% to 4.02 million, while assets under administration rose 15% to $17 billion. The company held $1.3 billion in cash, cash equivalents and short-term investments as of March 31.

Related: Deutsche Börse invests $200 million in Kraken parent Payward

Crypto trading volumes tumble

Despite the surge in commodities trading, crypto volumes took a hit. April data released alongside the earnings showed crypto trade volumes fell 32% year-over-year to two million trades, while the invested amount per trade dropped 22% to $207.

On the product side, eToro launched an AI-powered Agent Portfolios feature and deepened its partnership with xAI, embedding Grok 4.2-powered market sentiment into Tori, its AI investing agent.

EToro shares dip. Source: Yahoo! Finance

The company also closed its acquisition of Zengo, a self-custodial crypto wallet provider, on April 30, a move CEO Yoni Assia said advances eToro’s strategy of bridging traditional finance with on-chain infrastructure.

Assets under administration climbed further to $18.7 billion in April, up 19% year-over-year, while total money transfers for the month hit $1.4 billion, up 53%.

Related: Block Inc rises 8% as Q1 gives ‘earnings surprise’ despite Bitcoin dip

Crypto exchanges see lower trading volumes

As Cointelegraph reported, Coinbase posted a net loss of $394.1 million in Q1, its second straight quarterly loss, swinging from a $65.6 million profit a year earlier.

Revenue came in at $1.41 billion, missing analyst estimates of $1.5 billion, as transaction revenue slumped 40% and subscription and services revenue fell 13.5% year-over-year. Total crypto market cap and trading volume were both down more than 20% quarter-over-quarter.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026