Crypto World
Bitcoin leverage jumps as open interest spikes near $70k
Bitcoin perpetual open interest posts its largest daily rise since 2025 as BTC stalls below $70k.
Summary
- Perpetual open interest records its biggest daily percentage increase since July 2025 as BTC tests $69.4k resistance.
- Leverage expands sharply into a failed breakout attempt, leaving speculative longs vulnerable to liquidations if price moves away from the $69k–$70k zone.
- BTC trades just under $70k with elevated open interest and hotter funding, signaling higher short-term volatility risk for derivatives markets.studio.
Bitcoin’s (BTC) derivatives market has shifted into a more fragile configuration after a sudden surge in perpetual futures open interest coincided with a stalled breakout attempt just below the psychologically important $70k level. On-chain analytics firm glassnode reported that perpetual open interest saw its largest daily percentage jump since July 2025 as BTC pushed to $69.4k, only for the move to fade without a clean break of resistance. The pattern suggests speculators rushed to add leverage in anticipation of a breakout that did not materialize, leaving a substantial cluster of long positions now exposed to any downside or extended consolidation.
The mechanics are straightforward: when open interest spikes faster than spot prices, it usually signals an influx of leveraged capital rather than organic spot demand. In this case, the new positioning came right as BTC approached the $69.4k–$70k band that several technical analysts identified as a key decision area for the market. If price fails to extend higher, even a modest pullback can push stretched longs toward margin limits, forcing them to reduce risk or face liquidations. The result is a market where short-term moves can become exaggerated as derivatives flows feedback into spot, especially on high-volume venues tracked by platforms such as Coinbase.phemex+4
Leverage and market structure
Several recent analyses have highlighted $69.4k–$70k as a pivotal zone where BTC (BTC) either breaks higher into a new leg up or resolves into a deeper correction. With perpetual open interest now elevated, futures traders are effectively amplifying whichever direction comes next, increasing the probability of a sharp squeeze rather than a calm drift. A clean move above $70k would likely force shorts to cover into strength, while a breakdown below nearby supports in the high-$60k area could trigger a cascade of long liquidations.
The episode underscores how much short-term BTC price action is still dictated by derivatives rather than spot flows, even as regulated products and frameworks like MiCA slowly reshape parts of the market. For traders, the signal is blunt: high leverage near major resistance rarely stays comfortable for long. Watching open interest, funding, and liquidation data in real time—alongside spot metrics from exchanges like Coinbase and aggregated price feeds for BTC—remains essential for managing risk in an environment where a crowded bet on a $70k breakout can quickly turn into a scramble for the exits.
Crypto World
BTC tests $75,000 ‘structural breakout’ level with $85,000 upside in view
Bitcoin shot to a one-month high above $75,000 in early U.S. trading hours on Tuesday, now up 6% over the past 24 hours at $75,300.
The move is drawing increased attention from analysts, who told CoinDesk the level could mark a key shift in the market’s current rangebound structure.
“A clean break above $75,000 wouldn’t just be another move higher; it would represent a structural breakout from consolidation and likely shift the market into a new upward trend,” said Mati Greenspan, founder of Quantum Economics and a former senior market analyst at eToro.
Greenspan said the significance of going beyond the $75,000 level lies less in a brief move about it and more in whether bitcoin can sustain those gains.
“The key question isn’t whether we briefly trade above $75,000, but whether we can hold it,” Greenspan said, noting that acceptance above that threshold would signal strength and draw in new capital.
A downside would be limited anyway
However, he said, a failure to hold would risk turning the move into a bull trap, though the broader market structure remains strong. He also believes that even in a negative scenario, the downside would likely be limited because of existing established support. “If it doesn’t hold, then we still have strong support at $65,000.”
Kevin Murcko, a crypto analyst and founder and CEO at crypto exchange Coinmetro, said round-number levels like $75,000 can act as focal points for market participants and could create supply as investors who recently entered positions look to take profit.
“Traders, especially those that aren’t that experienced, generally trade around round numbers,” Murcko said, adding that levels such as $25,000, $50,000 and $75,000 tend to draw in buying and selling interest.
Whether bitcoin can move decisively beyond that level will depend on the broader backdrop at the time, including the news flow driving markets, Murcko said.
“In most cases, if we see news pushing price to around $75,000, that same momentum can push it past,” Murcko said, emphasizing that price levels alone are less important than the balance between supply and demand and the strength of buying pressure.
BTC could rise to $85,000
Han Tan, chief market analyst at Bybit Learn, said bitcoin is now re-entering a key battleground between bulls and bears, with the $75,000 region acting as a strong resistance in recent weeks.
He believes a meaningful break above that level would draw sidelined buyers back into the market and potentially clear the path upward to the mid-$80,000 level. However, Tan said such gains would likely depend on a supportive macro backdrop, including easing geopolitical tensions and continued ETF inflows.
Other analysts, however, believe $75,000 may be more of a psychological milestone than a genuine structural pivot.
Dessislava Ianeva, an analyst at Nexo Dispatch, said that while a move above $75,000 could draw in momentum buyers, stronger confirmation would come at higher levels.
She said, “$75,000 is psychologically significant, but $79,000 is the level that matters structurally,” pointing to the 100-day moving average and a prior rejection zone. Ianeva also said a sustained move above roughly $74,000 on a daily closing basis would provide an early signal that the breakout has “structural legs.”
The market intelligence research analyst noted that current market positioning appears relatively stable, reducing the likelihood of a sharp reversal. Funding rates remain muted, and bitcoin has absorbed recent selling pressure, including exchange-traded fund (ETF) outflows, without breaking lower, a behaviour that is not typical of a market on the verge of a major pullback.
U.S. Spot bitcoin ETFs did not see inflows until March, when these investment instruments recorded $1.32 billion in net inflows, ending a four-month outflow streak.
Altering how bitcoin behaves
Broader structural changes in the market may also be altering how bitcoin behaves during the current cycle, according to Jason Fernandes, a market analyst and AdLunam co-founder.
“Bitcoin isn’t trading like a purely retail-driven cycle,” Fernandes said, citing persistent ETF inflows, reduced free float and stronger holder cohorts.
Fernandes said that while BTC can still see sharp downside moves during liquidity shocks, it tends to recover based on expectations around central bank policy and liquidity conditions, often ahead of traditional risk assets.
“Rising oil prices and geopolitical stress keep inflation expectations elevated and delay policy easing,” he said. “That tightens financial conditions in the short term, but once real yields roll over or liquidity stabilizes, crypto tends to reprice quickly and generally ahead of traditional risk assets.”
Crypto World
XRP Ledger adds zero-knowledge proofs targeting institutional privacy gap
The XRP Ledger added native support for zero-knowledge (ZK) proof verification by integrating with Boundless, a ZK proving network, in what the company claims is the first deployment of its kind on the ledger.
The move is designed to let financial institutions transact privately on the public blockchain while meeting regulatory requirements.
It addresses a specific barrier to institutional adoption that has persisted across every public blockchain. Transaction flows, treasury positions, and counterparty relationships are visible by default on public ledgers. For a bank settling cross-border payments or a fund managing OTC positions, that transparency creates competitive risk.
Zero-knowledge proofs solve this by allowing one party to prove a statement is true without revealing the underlying data. It’s like passing a credit check, where the bank confirms an individual qualifies for a loan without telling the lender specifics about income, debts or account balance.
In practice on XRPL, this means a payment can be verified as valid, correctly funded, and compliant without exposing the amount, the sender, or the receiver to the public ledger.
XRPL already has institutional traction that most layer-1 blockchains do not. SBI Holdings in Japan, Zand Bank in the UAE, Archax in the U.K. and Guggenheim Treasury Services in the U.S. all use the network.
More than $550 million has been deployed into XRPL ecosystem initiatives. The connection to Boundless gives those institutional users a path to privacy they did not previously have on the ledger.
The timing is notable given the broader conversation around blockchain cryptography this month.
Google’s quantum computing paper forced every major chain to evaluate its cryptographic assumptions. ZK proofs are built on different mathematical foundations than the elliptic curve cryptography that quantum threatens, and several ZK proof systems are already considered quantum-resistant or can be upgraded to post-quantum constructions more easily than traditional signature schemes.
Adding ZK infrastructure now positions XRPL to build on cryptographic foundations that may age better than the ones the quantum debate is focused on.
Crypto World
Tempo Onboards Visa, Stripe and Zodia Custody as Validators
The payments-focused blockchain plans to expand its validator set with additional partners as it progresses toward fully permissionless validation.
Payments-focused blockchain Tempo has added Visa, Stripe and Zodia Custody by Standard Chartered as its first external validators, the network announced on Tuesday.
The trio collectively process trillions of dollars in payments each year across nearly every country. Their validator nodes are responsible for verifying, sequencing and finalizing transactions on the network, bolstering operational resilience for stablecoin-based settlements.
Visa’s node was configured and managed entirely in-house following six months of collaboration with Tempo’s engineering team, according to a press release from the payments giant. The company is serving as an “anchor validator” during this initial phase.
“We’ve spent years building our expertise in blockchain, and now we’re expanding that work by running critical blockchain infrastructure ourselves,” said Cuy Sheffield, Visa’s head of crypto.
Validators on Tempo are rewarded in stablecoins for serving as “lead validators” who package transactions into blocks. Visa also serves as a Super Validator on the Canton Network, making it one of the very few traditional payments firms running blockchain infrastructure across multiple chains.
Tempo said it plans to continue expanding the validator set with additional partners as it progresses toward fully permissionless validation.
Institutional Momentum
The validator additions cap a rapid buildup for the Ethereum-compatible Layer 1, which was first reported in August 2025 before Stripe and Paradigm officially unveiled the project the following month.
Tempo raised $500 million in a Series A led by Thrive Capital and Greenoaks in October 2025 at a $5 billion valuation, launched its public testnet in December with partners including UBS and Kalshi, and went live on mainnet in March alongside the Machine Payments Protocol, an open standard for AI agent-to-service payments co-authored with Stripe.
Still, Tempo faces skepticism from decentralization advocates who question whether a corporate-backed L1 can deliver on its permissionless promises. Whether onboarding institutional validators satisfies those concerns or reinforces them will depend on how quickly Tempo opens participation beyond its hand-picked partners.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
Solana price forms symmetrical triangle amid MACD cross
Solana price is at $83.37 on April 14, down 3.63% on the session, as a symmetrical triangle formed on the daily chart over the past two months continues to compress price action toward its apex. A daily MACD bullish crossover has now printed inside the pattern, adding a momentum signal to a setup that traders and analysts are watching closely for directional resolution.
Summary
- Solana price is trading at $83.37 on April 14, down 3.63% on the session, as a symmetrical triangle forms on the daily chart with converging trendlines connecting the February highs near $110 and the February lows near $67.
- The daily MACD (12,26,9) has printed a bullish crossover with the histogram positive at 0.45, confirming improving momentum inside the triangle while both lines remain below zero.
- A triangle breakout above the SMA 50 at $85.61 opens a path toward $98.42; a daily close below $80 invalidates the bull case and exposes the lower trendline near $76.
Solana (SOL) price is trading at $83.37 on April 14 with 24-hour volume of $6.28 billion, as a symmetrical triangle tightens on the daily chart. The pattern has been compressing price since mid-February, with the upper descending trendline connecting the February highs and the lower ascending trendline running from the cycle lows. The MA ribbon sits entirely above price: SMA 20 at $82.74, SMA 50 at $85.61, SMA 100 at $98.42, and SMA 200 at $129.44, all acting as sequential overhead resistance. The MACD crossover inside the triangle narrows the window before a directional resolution is forced by the apex.
The symmetrical triangle on the daily chart is defined by two converging trendlines that reflect a standoff between sellers applying progressively lower resistance and buyers establishing a higher floor from the February lows. The pattern has been building since mid-February, with price oscillating inside the boundaries through the Iran-driven volatility in March and into April. Price is now within striking distance of the apex, where a breakout or breakdown is typically accelerated by the energy stored in the compression.

The MACD (12,26,9) has printed a bullish crossover inside the triangle, with the MACD line at -0.72 crossing above the signal at -1.16 and the histogram expanding to a positive 0.45. Both lines remain below zero, which limits the strength of the signal, but the expanding positive histogram confirms that sellers are losing control of momentum. Symmetrical triangles resolved with a MACD crossover in the direction of the breakout have historically carried higher follow-through rates than pattern breakouts occurring on flat momentum.
A CoinMarketCap markets update on April 14 noted that analysts see $108 as the next major target for SOL if momentum holds above $87, with bulls defending the $80 structural floor. The same update flagged Solana’s total economic activity reaching $1.1 trillion in Q1 2026, a 6,558% increase from the prior quarter, as evidence that the network fundamentals are decoupled from the current price structure.
Key Levels: Support, Resistance, and Price Targets
The SMA 20 at $82.74 is the immediate support and the level price must hold on a daily close basis to avoid slipping into the lower trendline near $80. A daily close below the lower trendline near $76 would break the ascending floor of the symmetrical triangle and shift the bias decisively bearish.
On the upside, the SMA 50 at $85.61 is the immediate resistance and the level a confirmed triangle breakout must clear on a daily close basis to attract follow-through buying. A close above $85.61 opens $98.42 as the next resistance, where the SMA 100 sits. The extended bull case, consistent with the symmetrical triangle measured target using the pattern’s widest point, points toward $108 to $110.
Invalidation: a daily close below $80.
On-Chain and Market Data Context
Solana open interest stands at $5.01 billion per Coinglass, with futures volume reaching $10.98 billion in the past 24 hours. The elevated futures volume relative to spot activity of $630 million confirms that derivatives participants are the dominant force at the current price level, and the symmetrical triangle breakout direction is likely to be amplified by a cascade of positions on the wrong side of the move. Approximately $8.1 million in Solana futures positions were liquidated in the same 24-hour window.
Bloomberg Intelligence analyst James Seyffart noted in March that roughly 30 institutional investors had accumulated approximately $540 million in Solana ETF exposure, led by Electric Capital and Goldman Sachs, providing a structural demand floor at current levels even as price action remains technically compressed.
If Solana holds $82.74 on a daily close basis and the MACD histogram continues to expand, a test of the SMA 50 at $85.61 becomes the nearterm base case. A confirmed daily close above it would trigger the symmetrical triangle breakout and open $98.42 as the primary target, with $108 as the extended objective.
Crypto World
SETI telescope data goes onchain
Avalanche is moving beyond finance and into outer space, with a new network designed to verify telescope data in real time.
SkyMapper has introduced a dedicated Avalanche-based network that cryptographically records observations from telescopes around the world, turning each data point into a secure, verifiable digital record.
The new network, SkyMapper L1, collects data from a wide range of telescopes and sensors around the world and turns each observation into a secure digital record. The company calls this a “Proof of Space Observation” (POSO) — essentially a way to prove that a specific event in the sky was actually seen, when it happened, and that the data hasn’t been altered. These verified records can then be used by scientists, businesses or government agencies that need reliable space data.
The SETI Institute, known for its search for extraterrestrial intelligence, is contributing live observational data, marking one of the first production-scale integrations of institutional science into a blockchain-based verification system.
SkyMapper’s pitch centers on a growing problem: the explosion of data from satellites, drones and space missions, and the difficulty of verifying that data hasn’t been altered or misattributed. The team argues that blockchain can help solve this by creating a permanent, tamper-resistant record of each observation that anyone can independently verify.
The system works by validating observations at the moment they are captured. When a telescope in the network records an event — such as a satellite pass or deep-space signal — the data is immediately cryptographically signed, effectively creating a unique fingerprint tied to that device. The observation is then time-stamped and transmitted through SkyMapper’s infrastructure.
Instead of keeping all the data in one central database, SkyMapper spreads it across a decentralized storage network. At the same time, it saves a kind of digital fingerprint of that data on the Avalanche blockchain. This fingerprint means anyone can later check it to confirm the data is real and hasn’t been changed.
The network uses smart contracts to check incoming data, organize it, and control who can access it. Some information — like sensitive government or defense data — can be kept private, while other data, such as scientific research, can be shared openly.
The result is a system where each observation can be independently verified: users can check when and where it was recorded, confirm it hasn’t been tampered with, and trace it back to its source.
“We’re building blockchain infrastructure for real-world impact,” said Emin Gün Sirer, founder and CEO of Ava Labs. “SkyMapper’s work anchoring observatory data on Avalanche shows how this technology can transform science, providing tamper-proof, verifiable telescope records.”
Read more: FIFA Teams Up With Avalanche to Build Its Own Blockchain, Expanding Web3 Ambition
Crypto World
WLFI Risks 20% Drop As World Liberty Financial Faces Insider Allegations
World Liberty Financial’s WLFI token risks dipping 20% in April, according to a mix of convincing technical and fundamental indicators.
Key takeaways:
Bear pennant hints at WLFI dip in April
As of Tuesday, WLFI was consolidating inside a classic bear flag, a continuation pattern that typically forms after a sharp decline.
In technical analysis, a bear flag typically resolves when the price breaks below the lower trendline alongside rising trading volumes and falls by as much as the structure’s maximum height.

Applying this classic rule to WLFI’s chart brings its measured downside target to around $0.066 in April, down about 20% from the current price levels.
Conversely, a break below the upper trendline risks invalidating the bear flag setup, with the 20-day (green) and 50-day (red) exponential moving averages (EMAs) at around $0.081 and $0.085 serving as primary upside targets.
Insider activity, token unlock fears add pressure
Beyond technicals, WLFI faces mounting scrutiny that continues to weigh on sentiment.
On-chain data from Arkham Intelligence show wallets linked to the project deposited roughly 3–5 billion WLFI tokens—largely illiquid—as collateral on Dolomite to borrow about $75 million in stablecoins, including USD1 and USDC.

Over $40 million was later moved to Coinbase Prime. The position pushed pool utilization to ~93%, restricting withdrawals and drawing criticism for “circular” liquidity extraction.
The structure is risky because it uses thinly traded internal tokens to borrow real liquidity, meaning any sharp WLFI price drop could trap depositors, trigger bad debt, and deepen selling pressure.

At the same time, markets are bracing for a proposed unlock of over 16 billion WLFI tied to still-locked public allocations, raising dilution risks.
Adding to the pressure, Tron founder Justin Sun, who reportedly invested ~$75 million and became an adviser, again accused WLFI of embedding a hidden backdoor blacklisting function in the smart contract.
Related: US President Trump faces renewed backlash as Trump-linked tokens crash
This allegedly allowed the team to unilaterally freeze his wallet/assets without notice or recourse, violating “decentralization” promises.
He called it a trap, denounced “token scandals,” claimed governance votes were rigged/non-transparent and demanded unlocks/transparency.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Crypto World
Ethereum Eyes $2,480 Breakout as Bullish Momentum Builds Alongside New $1M Security Audit Initiative
TLDR:
- Ethereum approaches $2,480 resistance as an ascending triangle pattern signals a potential breakout setup forming.
- TD Sequential sell signal reappears, echoing the previous rejection near $2,400 and raising caution among traders.
- ETH reclaims its 100-day SMA, suggesting buyers are regaining control despite resistance pressure.
- Ethereum Foundation launches a $1M audit subsidy program to improve smart contract security for developers.
Ethereum is trading near a key resistance zone, with price action tightening within a bullish structure. Traders are watching closely as technical signals present both strength and caution, leaving the market at a decisive point for the next move.
Ethereum Tests Key Resistance Amid Conflicting Technical Signals
A recent post by Ali Charts on X points to Ethereum approaching the upper boundary of an ascending triangle on the daily chart.
This pattern often forms during periods of steady accumulation and can precede strong directional moves.
The price has continued to form higher lows since February. This structure reflects a gradual recovery after previous declines. As a result, buyers appear to be maintaining short-term control while pushing price toward resistance.
However, the same analysis notes the appearance of a TD Sequential sell signal. This signal previously appeared when Ethereum tested the $2,400 level. At that time, the market experienced a pullback toward lower support zones.
This repeated signal introduces caution despite the current upward movement. While price strength remains visible, traders are weighing the risk of another short-term correction.
At the same time, Ethereum has reclaimed its 100-day simple moving average. This level often acts as a trend indicator. Holding above it suggests that momentum is shifting in favor of buyers.
Market attention is now centered on the $2,480 level. A confirmed daily close above this resistance could invalidate the sell signal. It may also confirm a breakout from the triangle pattern.
Until such a move occurs, the resistance remains active. Price reactions at this level are expected to guide short-term direction.
Ethereum Foundation Expands Security Efforts With Audit Subsidy Program
Alongside market developments, the Ethereum Foundation has introduced a new initiative aimed at strengthening network security. In a recent post, the organization announced the Ethereum Audit Subsidy Program.
The program is designed to reduce the cost of security audits for developers building on Ethereum. Audits are considered a best practice, yet they often require substantial financial resources.
Through this initiative, the foundation is working with established audit providers. The goal is to make high-quality security reviews more accessible to builders across the ecosystem.
The announcement also references collaboration with industry participants. These include Nethermind and Chainlink Labs, alongside the Trillion Dollar Security Initiative.
The joint effort brings a total of $1 million in audit subsidies. This funding is intended to support projects at various stages of development. It also aims to improve overall protocol safety.
By lowering the financial barrier, the program encourages more teams to adopt proper security measures. This approach supports long-term ecosystem growth while addressing known risks in smart contract development.
The initiative arrives at a time when network usage continues to expand. As more applications are deployed, the need for secure infrastructure becomes increasingly important.
Together, these developments place Ethereum at a critical moment. Price action is testing a major technical level, while ecosystem efforts focus on strengthening its foundation.
Crypto World
CoW Swap hit by DNS hijack, warns users to stay clear of site
CoW Swap, the decentralized exchange aggregator used by Vitalik Buterin to sell millions of dollars worth of Ethereum, is warning users to avoid interacting with its site after suffering a front-end attack.
“We are currently experiencing an issue with the CoW Swap frontend,” the firm posted on X earlier today, adding, “While we are investigating, please DO NOT use CoW Swap.”
CoW Swap later revealed that it was victim to “a DNS hijacking at 14:54 UTC.”
Read more: Aave Labs faces backlash over CoW Swap integration
It said, “The CoW Protocol backend and APIs were not impacted, but we have paused them temporarily as a precaution.”
“We are now actively working to resolve the situation. Please continue to refrain from using swap dot cow dot fi until we confirm that it is safe to use,” CoW Swap added.
Crypto security firm Blockaid also claimed its alert system was able to detect “a front-end attack,” and warned users with connected wallets to “revoke approvals and avoid any interactions with the dApp immediately.”
Vitalik Buterin moves millions through CoW Swap
CoW has previously been used by Ethereum co-founder Vitalik Buterin to sell 3,100 Ethereum, which was worth over $6.1 million at the time.
It was integrated with Aave Protocol last December. Days later, a delegate called “EzR3aL” noted that the partnership resulted in funds being diverted away from the Aave treasury.
A months-long governance battle followed.
The partnership would supposedly offer “better prices… and protection against MEV attacks” and allow users to “repay borrow positions using their collateral, swap between different collateral types, change their debt positions, or withdraw and swap assets.”
CoW Swap’s integration also saw a more unfortunate swap that involved a crypto user swapping $50 million of (Aave-wrapped) USDT to just $35,000 of (Aave-wrapped) AAVE.
Both CoW Swap and Aave pledged to return the fees.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
Crypto World
JPMorgan CFO warns stablecoins risk becoming ‘regulatory arbitrage’ play
JPMorgan Chase Chief Financial Officer Jeremy Barnum said stablecoins may evolve into a form of regulatory arbitrage if new rules fail to align them with traditional banking standards.
Speaking on the bank’s first-quarter earnings call on Tuesday, Barnum framed the debate less as a technology shift and more as a question of oversight. Some stablecoin models could replicate bank-like products while avoiding the safeguards applied to deposits, including rules around interest payments and customer protections, he said.
“If the same product isn’t regulated the same way, you open the door to arbitrage,” Barnum said, pointing to structures that offer rewards resembling yield. In that scenario, he added, firms could “run a bank” without being subject to core banking regulations.
The comments come as lawmakers weigh new frameworks for digital assets. The proposed Clarity Act aims to define how crypto markets are split between regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission. It also reflects broader efforts to establish clearer rules for stablecoins and related products.
The debate also extends to whether issuers of stablecoins, crypto tokens whose value is pegged to a traditional asset, mostly the dollar, should be allowed to offer yield to users.
Some crypto firms, including Coinbase (COIN), have pushed for the ability to pass interest earned on reserve assets to coin holders, arguing it would make stablecoins more useful as savings tools.
Banks have pushed back, saying yield-bearing stablecoins begin to resemble deposits without the same capital, liquidity and consumer protection requirements. In their view, that creates an uneven playing field, allowing non-bank firms to attract funds by offering returns regulated banks are restricted from providing.
The issue has become a central point of tension in Washington D.C., as policymakers weigh how to prevent stablecoins from functioning as bank-like products outside the traditional regulatory perimeter.
Barnum said JPMorgan supports the push for clarity, but stressed that consistency matters more than speed. Without it, he warned, new entrants could gain an advantage by operating outside existing regulatory boundaries.
He downplayed the idea that stablecoins will disrupt the bank’s core payments business. JPMorgan already runs a large wholesale payments network that processes transactions at low cost and high speed, leaving little room for margin-driven disruption.
Instead, the bank is integrating similar technology into its own systems. Through its blockchain unit, Kinexys, JPMorgan has developed tools such as JPM Coin and tokenized deposits, which allow institutional clients to move money around the clock and automate transactions.
Barnum described these efforts as part of a broader modernization strategy. Features often associated with stablecoins, such as programmable payments, are already being built into existing infrastructure rather than replacing it.
On the consumer side, he said stablecoins are often framed as “digital cash,” but still face familiar compliance hurdles, including identity checks.
JPMorgan reported stronger-than-expected first-quarter results, driven by a rebound in trading and investment banking. Net income rose 13% year over year to $16.49 billion, while revenue climbed 10% to $50.54 billion. The bank set aside less for potential loan losses than expected, signaling stable credit conditions among borrowers.
Crypto World
XRP Ledger Gets Native ZK Proof Verification Via Boundless Integration
The integration lays the groundwork for private, compliant financial applications on Ripple’s Layer 1 blockchain.
Boundless, a zero-knowledge (ZK) proving network originally launched by RISC Zero, has integrated with the XRP Ledger (XRPL), bringing native ZK proof verification to the Layer 1 blockchain for the first time.
The integration is designed to enable institutions to build financial applications on XRPL that can execute privately while maintaining regulatory compliance, according to the announcement.
XRPL is a public, open-source blockchain built for payments and tokenized finance. The network has attracted more than $550 million in ecosystem funding and counts SBI Holdings, Zand Bank, Archax, and Guggenheim Treasury Services among its institutional users.
Despite the institutional foothold, on-chain transparency has remained a barrier to deeper adoption. Transaction flows, treasury strategies, and counterparty relationships are visible by default on public ledgers, creating competitive risks and compliance friction. Ripple CTO David Schwartz acknowledged as much last year, noting that even Ripple itself could not use the XRPL DEX for payments due to compliance constraints around anonymous liquidity providers.
Emiliano Bonassi, VP of Engineering at Boundless, said the integration covers use cases from stablecoin payments to DeFi flows.
“Boundless brings scalable confidential compute directly to the XRPL ecosystem,” Bonassi told The Defiant. “Institutions can settle on XRPL with ZK proofs and cryptographic attestations for compliance and privacy-preserving logic, such as sanction screening to KYC/KYT/KYB. No trust assumptions, no data exposure, and full control over what gets disclosed and to whom.”
The privacy layer arrives as XRPL continues to expand its institutional network. Ripple teased major XRPL upgrades in February aimed at broadening XRP’s utility beyond payments into stablecoin settlement, tokenized assets, and lending. In November, Ripple partnered with Mastercard and WebBank to test RLUSD stablecoin card settlements on XRPL. And the network’s real-world asset push has accelerated, with Argentina’s YPF Luz launching an energy tokenization platform carrying over $800 million in tokenized assets on the ledger.
“XRPL has always been built for institutional finance. With Boundless, we are making confidential, compliant execution native infrastructure on XRPL, unlocking a new category of enterprise use cases,” said Odelia Torteman, Director of Corporate Adoption at XRPL Commons.
The integration reflects a broader industry shift toward privacy-first architecture powered by zero-knowledge proofs. At Ethereum’s DevConnect conference in Buenos Aires last November, ZK tooling emerged as a dominant theme, with Boundless among the projects highlighted for its work on ZK-powered cross-chain infrastructure. Proof systems have matured from experimental cryptography to what builders now consider core infrastructure for the next phase of institutional DeFi.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
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