Crypto World
Bitcoin Crashes to $60K as Sentiment Hits 2022 Lows
Crypto market sentiment has slumped to its lowest level in over three and a half years amid Bitcoin falling by double-digit percentage points to a low of around $60,000.
The Crypto Fear & Greed Index fell to a score of 9 out of 100 on Friday, indicating “extreme fear” in the market and hitting its lowest point since June 2022, when sentiment and the market fell in the wake of the collapse of the Terra blockchain a month earlier.
The index has been at a low for the last fortnight as Bitcoin (BTC) has tanked 38% from its 2026 high of $97,000 in just three weeks, wiping out all gains for the past sixteen months.
Bitcoin falls to $60,000 on Coinbase
Bitcoin fell to its lowest level since October 2024 at a little over $60,000 on Coinbase in early trading on Friday morning, according to TradingView.
It is currently trading at just over $64,000 after dumping 13% over the past 24 hours and losing over $10,000 in its largest daily loss since mid-2022.
Related: Coinbase premium hits yearly low, hinting at institutional selling
Bitcoin has now collapsed below the 200-week exponential moving average, a long-term trend indicator, which has only previously happened in the depths of a bear market. It is currently 50% down from its all-time high of $126,000 in early October.
Over the past 24 hours, more than 588,000 traders were liquidated for $2.7 billion, 85% of them were leveraged longs predominantly in Bitcoin, according to CoinGlass.
Tech stock slump and Fed caution behind the crash
Jeff Ko, chief analyst at CoinEx Research, told Cointelegraph that Bitcoin’s more than 20% drawdown in a week comes alongside a selloff in US tech stocks “where stretched valuations and lingering concerns around an artificial intelligence-driven bubble have long been highlighted by the market.”
“Even Amazon suffered a double-digit decline overnight following a mixed earnings release,” he added. “Investors are increasingly reassessing Bitcoin’s failure to function as a safe haven compared to gold.”
LVRG Research director Nick Ruck said Bitcoin’s fall and a broader market decline comes amid “heightened risk aversion” triggered by “softer US job market signals, including rising unemployment claims that raise doubts about sustained economic strength and potential Fed caution on aggressive rate cuts.”
Magazine: DAT panic dumps 73,000 ETH, India’s crypto tax stays: Asia Express
US equities rebounded as the S&P 500 climbed to $6,976, before correcting. Earlier in the week, the benchmark index closed just shy of its prior record before briefly moving higher in subsequent trading, while risk appetite in equities contrasted sharply with continued weakness across crypto markets.
At the same time, Bitcoin continued to underperform, with selling pressure accelerating as broader capital flows favored traditional risk assets. The divergence has become more pronounced in recent sessions, reinforcing the growing split between equity and crypto sentiment.
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AI Stocks and Small Caps Drive Equity Momentum
The latest leg higher in the S&P 500 was led by large-cap technology and semiconductor stocks, as investors rotated back into AI-linked names after a brief pause driven by valuation concerns.
Alphabet rose to a new record, Amazon advanced ahead of earnings, and chipmakers posted broad-based gains as demand expectations firmed.
Beneath the surface, market breadth also improved. Small-cap stocks outpaced megacaps, with the Russell 2000 gaining around 3% year-to-date.
That relative strength is often interpreted as a signal of confidence in domestic growth and has added support to broader stock market predictions that point to continued upside as long as earnings momentum holds.
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Earnings, Not Valuations, Now Anchor the Rally
Corporate results remain the central driver of the market’s advance. Analysts now expect S&P 500 companies to deliver close to 11% earnings growth for the December quarter, up sharply from estimates earlier in January.
More than 80% of reporting firms have exceeded expectations so far, according to FactSet data cited by market strategists.
Recent research suggests earnings growth has accounted for roughly 84% of total S&P 500 returns in the current cycle, marking a shift away from multiple expansion as the primary engine of gains. This transition has softened concerns around an AI-driven bubble, as profits and cash flow increasingly justify higher prices.
Macro Backdrop Keeps Risk Appetite Intact
The broader macro environment has so far supported equity risk-taking. US GDP growth remains near 3.3%, inflation trends are relatively contained, and productivity indicators have improved. Even political disruptions, including a federal government shutdown that delayed key data releases, failed to dent market confidence materially.
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Major US indices posted solid gains alongside the S&P 500, with the Dow Jones Industrial Average rising more than 1% YTD. But the Nasdaq Composite dropped roughly 2.6%.
Investors now look ahead to upcoming economic data and the Federal Reserve’s next policy signals for confirmation that financial conditions will remain supportive.
Bitcoin Weakness Highlights Cross-Market Divergence
While equities pushed higher, crypto markets moved in the opposite direction. Bitcoin price dropped below $65,000, marking its lowest level in roughly a year and extending a broader downtrend that has weighed on digital assets.
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The decline has come amid fading momentum, reduced speculative appetite, and capital rotation toward equities offering visible earnings growth.
The contrasting performance reflects a growing divergence between traditional risk assets and crypto, at least in the near term.
While both markets can benefit from liquidity-driven rallies, current conditions favor assets tied more directly to corporate profits.
Outlook
The S&P 500’s move to new highs reflects a rally increasingly grounded in earnings delivery rather than expanding valuations. AI investment, small-cap strength, and resilient macro data continue to support the upside case, even as record levels invite selective caution.
Bitcoin’s slide to a one-year low highlights where risk appetite is thinning, but for now, equity markets remain firmly in control of the broader risk narrative.
Kalshi, the federally regulated prediction market platform, announced a major expansion of its market surveillance and enforcement framework aimed at preventing insider trading and market manipulation across its platform.
Summary
- Kalshi has expanded its market surveillance framework to prevent insider trading and market manipulation on its regulated prediction markets platform.
- The company formed an independent Surveillance Advisory Committee and partnered with Solidus Labs to strengthen trade monitoring and enforcement.
- The move positions Kalshi as a compliance-focused alternative as prediction markets face growing regulatory and public scrutiny.
The updates were shared on February 5, 2026, as part of a broad initiative to boost trading integrity.
Kalshi tightens market surveillance
Founded in 2018, Kalshi established prediction markets as a regulated financial asset class in the United States. Unlike many offshore trading platforms, Kalshi operates under oversight from the U.S. Commodity Futures Trading Commission (CFTC), enforcing rules similar to those in traditional financial markets.
At the center of Kalshi’s announcement is the formation of an independent Surveillance Advisory Committee. The committee includes industry experts such as Lisa Pinheiro, Managing Principal at Analysis Group, and Daniel Taylor, Director of the Wharton Forensic Analytics Lab, known for his work on fraud and insider trading detection.
The group will review flagged trades, monitor investigations, and issue public quarterly reports on enforcement activity.
Kalshi also unveiled partnerships with Solidus Labs, a provider of advanced trade surveillance technology, and other market integrity advisors. The Solidus platform will augment Kalshi’s internal systems with deeper data analysis, helping detect sophisticated manipulation or suspicious trading patterns across more than 4,000 active markets.
The enhanced surveillance measures come amid growing scrutiny of prediction markets worldwide. Platforms like Polymarket have faced criticism and controversy over alleged insider advantage and market manipulation, leading lawmakers to consider new regulations targeting such practices.
The announcement also follows recent legal friction involving prediction markets more broadly. In Nevada, a state court recently declined to immediately block Coinbase’s prediction markets, which operate in partnership with Kalshi, after state regulators sought an emergency halt under gaming laws.
Vitalik Buterin warns copy-paste Layer 2s and generic EVM chains are stalling Ethereum’s long-term scaling vision.
Ethereum co-founder Vitalik Buterin has said that many new Layer 2 (L2) networks are repeating shallow design patterns, and warned that generic EVM chains with optimistic bridges are holding back meaningful progress.
His comments extend the public debate over whether today’s L2 ecosystem still aligns with Ethereum’s original scaling goals.
No More “Copypasta” EVM Chains
In a February 5 post on X, Buterin argued that comfort and familiarity, not technical necessity, are driving many L2 launches, leading to copy-paste designs that add little beyond surface-level Ethereum compatibility.
The developer drew a comparison between infrastructure choices and governance habits, writing that making yet another EVM chain and adding “an optimistic bridge to Ethereum with a one-week delay” has become routine in the same way forking Compound once dominated DAO governance.
“That’s something we’ve done far too much for far too long, because we got comfortable, and which has sapped our imagination and put us in a dead end,” Buterin wrote.
He was even more direct about alternative designs that drop Ethereum bridges entirely.
“If you make an EVM chain without an optimistic bridge to Ethereum, that’s even worse,” he said, adding, “We don’t friggin need more copypasta EVM chains, and we definitely don’t need even more L1s.”
Buterin insisted that Ethereum’s base layer is already scaling and will continue to add EVM block space through 2026, though not without limits. He noted that some workloads, such as AI-related applications, may still require lower latency or specialized execution environments. In his view, those needs should push developers toward genuinely new architectures rather than lightly modified replicas.
Matching “Vibes” With Real Ethereum Connection
Buterin’s criticism builds on comments he made earlier, suggesting many L2s no longer meet the original definition of scaling Ethereum because they fail to fully inherit its security.
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He argued that Ethereum no longer needs L2s to act as branded shards, especially considering mainnet fees are falling and gas limits are rising.
In his latest post, the 32-year-old stressed that public positioning should reflect technical reality. “Vibes need to match substance,” he wrote, criticizing projects that market themselves as tightly connected to Ethereum while treating that link as an afterthought.
The blockchain’s co-founder outlined two models he considers reasonable. One is an app chain that depends deeply on Ethereum, such as prediction markets that settle and manage accounts on the L1 while handling execution on a rollup. The other is what he called “institutional L2s,” where systems like government registries publish cryptographic proofs on-chain for transparency, even if they are not trustless or credibly neutral.
“If you’re the first thing, it’s valid and great to call yourself an Ethereum application,” Buterin said. “If you’re the second thing, then you’re not Ethereum… so you should just say those things directly.”
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Crypto market sentiment sank to its bleakest level since the FTX collapse after bitcoin’s sharp drop this week dragged prices across the board and forced a wave of deleveraging.
The widely followed Crypto Fear and Greed Index fell to 9 on Friday, a reading categorized as “extreme fear” and one that has historically only appeared during major breakdowns in market confidence.
The index stood at 12 a day earlier, 16 last week and 42 last month, suggestive of how quickly traders have shifted from cautious to outright defensive.
The fear gauge is built primarily around bitcoin, combining several indicators that attempt to quantify investor mood rather than price direction. It includes volatility and drawdowns, market momentum and trading volume, social media engagement, bitcoin dominance and Google Trends data tied to bitcoin-related searches.
A sharp rise in volatility, a spike in defensive positioning and an increase in fear-driven search interest typically push the index lower.
The collapse in sentiment comes as bitcoin briefly traded near $60,000 in late U.S. hours Thursday before bouncing back toward $65,000, a whipsaw move that reflected both forced liquidations and opportunistic dip-buying.
While the rebound suggests some buyers are willing to step in near major psychological levels, the sentiment reading implies the broader market remains in “sell first, ask questions later” mode.
In past cycles, extreme fear has often coincided with local bottoms, largely because panic conditions tend to flush out leveraged traders and short-term holders. But that is not a rule, and the index is better read as a snapshot of stress rather than a timing tool.
The index does not predict where bitcoin goes next, however. But it does show that the market has returned to the kind of fear typically reserved for systemic events.
Bitcoin’s latest slide did more than knock prices lower, it forced investors to lock in losses at a pace rarely seen in crypto’s short history.
On-chain analyst Murphy noted Friday that Bitcoin’s entity-adjusted realized loss hit a record $3.2B on Feb. 5, a sign that traders rushed for the exits as the market buckled.
Murphy framed the move as capitulation, arguing the scale of loss-taking surpassed what the market absorbed during some of its most infamous shocks.
It came as Bitcoin fell about 10% on Friday to around $64,000, sinking to its weakest level since late 2024 and unwinding the momentum that had built after Donald Trump’s election win.
Feb. 5 Marks Largest Realized Bitcoin Loss Day On Record, Analyst Says
“Epic-level! A massive loss-taking wave has appeared,” the analyst said in a post translated from Chinese.
“On February 5th, the realized loss (after entity adjustment) of BTC reached a historic record high of $3.2 billion. After seeing this number, everything that came before is just small potatoes.”
He went further, listing crisis moments that he said failed to produce a comparable flush. “Whether it was the Luna collapse, the FTX bankruptcy, or the 312/519 black swan events — none of them ever triggered loss-taking on this massive scale.”
Murphy also pointed to a past data wrinkle that some traders may cite when comparing extremes. “There was also one instance on 2025.11.21, but that time Coinbase reorganized wallet data afterwards and the figures were adjusted. This time, though… it really looks like genuine panic.”
— Cryptonews.com (@cryptonews) February 6, 2026
Bitcoin slid more than 10% toward $64,000 Friday, hitting its weakest level since late 2024 as a broad risk asset selloff erased post-election crypto gains.#CryptoMarketUpdate #AsiaMarketOpen https://t.co/MUsoiSrxbe
He described the Feb. 5 move as unusual because the market did not need a single headline shock to unravel.
Realized Loss Metrics Watched Closely For Signs Of Seller Exhaustion
Murphy also pushed back on critics who prefer measuring realized losses in Bitcoin terms.
“(Some people think we should use BTC-denominated statistics — this is a misunderstanding. The price of BTC is dynamic; only by measuring in USD value can we truly gauge the level of panic selling pressure the market was under at that moment.)”
The claim lands as traders debate what the washout means for the next phase of the cycle, especially as large swings in price can trigger forced selling and accelerate realized losses.
Markets often watch this metric for clues on whether sellers have exhausted themselves, or whether fear still has room to run.
Michael Burry has added a fresh dose of nerves. The Scion Asset Management founder, who rose to fame predicting the 2008 housing crisis, shared a Bitcoin chart on X that compared the current pullback to the 2021 to 2022 crash, implying Bitcoin could slide into the low $50,000s before it finds a more durable bottom.
In that post early Thursday, Burry pointed to the shape of the decline from Bitcoin’s October high of $126,000 to around $70,000, and matched it against the late 2021 to mid-2022 plunge, when Bitcoin slid from roughly $35,000 to below $20,000.
The post Bitcoin Logs $3.2B In Loss-Taking Wave, Beating Luna And FTX-Era Shock Levels appeared first on Cryptonews.
TLDR
- LSEG shares rose by 7.4% on Thursday after a 19% drop in the previous two days.
- JPMorgan and Goldman Sachs reassured investors by downplaying AI risks to LSEG’s business.
- JPMorgan’s Enrico Bolzoni clarified that AI companies are working with LSEG, not replacing it.
- LSEG’s partnership with Anthropic provided AI access to the company’s financial data.
- Goldman Sachs analyst Oliver Carruthers set a price target of 14,550 pence for LSEG.
LSEG shares bounced back on Thursday, rising by 7.4% after facing a 19% drop in the prior two days. The rally followed reassurances from major financial institutions, JPMorgan and Goldman Sachs, who downplayed fears that artificial intelligence would threaten LSEG’s core business. The recovery came after a tumultuous period where AI-related market panic had hurt the stock.
London Stock Exchange Group plc, LSEG.L
Rebound Driven by Analyst Confidence
The sharp decline in LSEG shares began earlier in the week when Anthropic introduced its Claude Cowork product, designed to automate workplace tasks. Traders feared that AI advancements could severely impact companies like LSEG, which specializes in providing financial data, not software. However, JPMorgan’s Enrico Bolzoni stepped in to correct what he called “misunderstandings” surrounding LSEG’s business model, stating that AI would not replace but instead work alongside LSEG.
Bolzoni emphasized that LSEG is deeply involved in AI, noting the October partnership with Anthropic that provided the AI company access to LSEG’s financial data. This partnership, he argued, demonstrated LSEG’s pivotal role in the growing AI landscape, counteracting the market’s misconception that AI would push the company aside. “AI companies are working with LSEG, not replacing it,” Bolzoni clarified in his statement.
LSEG Shares: Calm After the Panic
Goldman Sachs also weighed in, with analyst Oliver Carruthers reiterating the value of LSEG’s data-driven business model. Carruthers downplayed the potential impact of AI, explaining that just 6% of LSEG’s revenue from workflow products might be exposed to any risk from automation. He further set a price target of 14,550 pence, which was the highest among analysts tracking LSEG.
The comments from both JPMorgan and Goldman Sachs played a significant role in calming investor nerves. Shares of LSEG, which had taken a hit in the wake of AI-related concerns, saw a sharp reversal, rising 7.4%. This bounce was a direct result of analysts stepping in to assure the market that LSEG’s core business was secure, even in the face of AI innovation.
The broader tech market also saw turbulence as fears over AI’s impact on the software and data sectors took hold. The Nasdaq 100 recorded its worst two-day drop since October, shedding over $550 billion in value. LSEG, despite being a data provider, became caught in the broader selloff, with tech investors looking to offload anything related to software or data businesses.
Bitcoin miner MARA moved 1,318 BTC worth about $86.89 million to a mix of counterparties and custody venues over the past 10 hours, onchain data tracked by Arkham shows.
The biggest slice went to Two Prime. One transfer sent 653.773 BTC, around $42.01 million, to a Two Prime tagged address, alongside a smaller 8.999 BTC top up worth about $578,000 just minutes later.
Separate outbound transactions sent 200 BTC and 99.999 BTC to a BitGo tagged address, together about $20.4 million at the time of transfer, while another 305 BTC moved to a fresh address, worth roughly $20.72 million.
The flow matters mainly because of timing. Crypto markets have been swinging hard since this week’s liquidation driven selloff, and traders are on edge for any sign that miners are turning into forced sellers.
Large miner related transfers can be routine treasury management, custody reshuffling, collateral moves, or preparation for an over the counter sale, but in a thin market they often get read as a supply signal.
The Two Prime leg will draw the most attention because it is a credit and trading counterparty. If the bitcoin is being posted as collateral or rotated into a strategy, it does not necessarily imply spot selling.
The transfers comes amid a tough period for miners, with bitcoin down nearly 50% from peak prices above $126,000 last year.
Bitcoin is now approximately 20% below its estimated average production cost, as CoinDesk reported Thursday, increasing financial pressure across the BTC mining sector.
The average cost to mine one bitcoin is around $87,000, according to data from Checkonchain, while the spot price has fallen toward a weekly low of $60,000 Historically, trading below production cost has been a feature of a bear market.
Donald Trump has embraced bitcoin (BTC) as a core part of his second administration, creating a strategic BTC reserve, insisting all BTC should be made in the United States, and destroying or disabling huge portions of the regulatory apparatus that had previously pursued cryptocurrency firms.
Additionally, both he and his sons have vigorously embraced the industry in ways that continue to generate massive profits for this family.
Many Bitcoiners and crypto enthusiasts were similarly ecstatic for the opportunity to support Trump and free themselves from the perceived tyranny of the Joseph Biden administration and the enforcement work of then-SEC head Gary Gensler.
Jesse Powell, Tyler Winklevoss, and Cameron Winklevoss all ended up making donations to Trump that would have been illegal had they not been refunded.
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
Despite this mutual embrace, the price of BTC hasn’t benefitted from the Trump administration.
When Trump was inaugurated as president, BTC was trading for approximately $101,000.
Today, it trades for approximately $67,000, a fall of approximately 33%.
Even if we imagine that the value of BTC began increasing as soon as Trump was elected, before he had any real power, in anticipation of what he might do, BTC is still down since then.
On November 5, 2024, the date of the presidential election, BTC was trading for approximately $67,800.
Today, as mentioned before, it’s several hundred dollars less than that.
Despite all the hopes Bitcoiners may have pinned on Trump, he’s done little to benefit their portfolios.
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BitMEX, one of the safest exchanges, announced today the launch of Hyperliquid Copy Trading, giving its users the ability to copy the best Hyperliquid perps traders. The release allows traders to enjoy the best of both worlds, combining access to Hyperliquid’s best traders with the user experience and safety of the BitMEX platform.
Hyperliquid Copy Trading marks a major expansion to BitMEX’s existing Copy Trading feature, which allows users to automatically replicate the trading strategies and positions of elite traders. This ensures access to the sharpest trader strategies without any exposure to underlying DeFi risk. Designed for effortless trading, BitMEX Copy Trading saves time by enabling less experienced traders to follow the wisdom of profitable professionals.
Hyperliquid remains a dominant force in the decentralized perpetual exchange (PerpDEX) landscape, capturing over 60% of all open interest. It combines features of futures contracts with spot trading flexibility, allowing traders to speculate on asset prices without an expiration date.
Users who navigate to BitMEX’s Copy Trading Marketplace will see a Hyperliquid sub-tab. This displays a leaderboard of the top Hyperliquid traders that they can copy or reverse copy trade. Positions are automatically opened on BitMEX, replicating the strategy of the Hyperliquid trader in question. Each Hyperliquid trader is ranked by metrics such as PnL, Drawdown, Win Ratio, and AUM (Assets Under Management), making it easy to identify top-performing traders.
BitMEX CEO Stephan Lutz said:
“BitMEX pioneered the perpetual swap, which has since become the industry standard for futures trading. The launch of Hyperliquid Copy Trading completes the circle, bringing the alpha available on the world’s leading PerpDEX to BitMEX users and incorporating it into their existing workflow.”
Up to five Hyperliquid traders can be copied simultaneously using BitMEX’s Copy Trading Marketplace, with users able to customize their preferred risk management settings for each, such as by implementing Take Profits and Stop Loss. Choosing a Copy Leader that suits their needs allows them to automate their crypto derivatives trading and make more informed decisions.
To celebrate the launch, BitMEX is offering a 100,000 USDT prize pool for eligible users who trade Copy Trade on their platform. Additional educational resources and product guides are available through the BitMEX website and blog.
About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity and unmatched reliability.
Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade with confidence that their funds are secure and that they have access to the products and tools required to be profitable.
BitMEX was also among the first exchanges to publish on chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week, providing assurance that customer funds are safely stored and segregated.
For more information, users can visit the BitMEX Blog or www.bitmex.com and follow Discord, Telegram and Twitter.
TLDR:
- Wormhole processed $17.6B in 2025 volume, bringing cumulative transactions beyond $70B milestone.
- BlackRock, Apollo Global, and VanEck deployed tokenized funds across chains via Wormhole infrastructure.
- Over 100 tokens worth $170B in market cap launched using Wormhole’s NTT standard across 40+ blockchains.
- Ripple’s RLUSD and Sky’s USDS adopted NTT for native multichain expansion without liquidity fragmentation.
Wormhole has emerged as a leading multichain protocol, processing $17.6 billion in volume throughout 2025 and surpassing $70 billion in cumulative transactions.
The platform expanded its reach across more than 40 blockchains while securing partnerships with major institutions, including BlackRock, Apollo Global, and VanEck.
This growth reflects increasing demand for secure, cross-chain infrastructure as real-world assets move onchain.
Institutional Players Deploy Real-World Assets Through Wormhole Infrastructure
BlackRock’s BUIDL fund expanded operations across Solana and BNB Chain using Wormhole’s multichain infrastructure.
Securitize powered the tokenization process for this expansion, marking a notable milestone in institutional crypto adoption.
Apollo Global chose Wormhole through Securitize for the multichain tokenization of its Apollo Diversified Credit Securitize Fund, known as ACRED.
This selection demonstrates growing confidence in Wormhole’s ability to handle regulated financial products across multiple blockchain networks.
VanEck launched its first tokenized treasury fund spanning Solana, Avalanche, BNB Chain, and Ethereum. The asset manager relied on Securitize for tokenization while Wormhole provided the necessary interoperability between chains. “2025 marked a clear shift in how institutions approached multichain systems,” Wormhole noted in its annual report.
Hamilton Lane expanded its flagship SCOPE fund to Optimism and Ethereum via Securitize, designating Wormhole as the exclusive interoperability provider.
Meanwhile, Transfero Group adopted Wormhole’s Native Token Transfers (NTT) standard to expand BRZ, the world’s largest non-USD stablecoin, across different chains.
Mercado Bitcoin, a leading Latin American digital asset platform, selected Wormhole as its exclusive interoperability provider for a tokenized assets platform supporting over $200 million in assets.
NTT Standard Powers Over 100 Tokens Across Stablecoins and Major Assets
Wormhole’s NTT standard gained significant traction in 2025, with more than 100 tokens launching across 40-plus chains.
These tokens represented a combined market capitalization exceeding $170 billion, establishing NTT as an infrastructure for multichain asset issuance.
“NTT became the go-to infrastructure for issuing multichain assets without breaking liquidity, fragmenting supply, or losing issuer control,” the protocol stated.
Ripple’s RLUSD, regulated by the New York Department of Financial Services, adopted the NTT standard for expansion to Base, Optimism, Ink, and Unichain.
Sky Ecosystem’s USDS expanded to Solana via Wormhole NTT, transferring more than $880 million across the multichain economy.
M0, a decentralized stablecoin infrastructure layer, expanded to Arbitrum, Base, Solana, and Optimism using NTT. This enabled day-one native multichain launches for assets including MetaMask’s mUSD and Noble’s USDN.
Mento Labs selected Wormhole as its exclusive interoperability provider for multichain trading between 17-plus stablecoins. The platform emphasized that stablecoins “became one of the clearest signals of multichain maturity” during the year.
Beyond stablecoins, major assets adopted NTT for multichain expansion. Stacks brought sBTC and STX across Solana and Sui Network.
DOGE became a canonical multichain asset through NTT, while Hyperliquid’s HYPE expanded to Solana and Unichain. Lido Finance expanded wstETH to BNB Chain following community approval.
The Uniswap Foundation collaborated with Wormhole to enable native access to assets like SOL and HYPE on Unichain. Ethereum remained the leading destination chain with $4.5 billion in inflows, closely followed by Solana and BNB Chain.
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