• Real Finance, Wiener Privatbank partner for regulated blockchain access.
• EU-compliant framework enables institutional entry into on-chain markets.
• MVP targets $50 million, scaling to over $500 million tokenized assets in year one.

In a move that underscores the growing convergence between traditional finance and digital assets, Real Finance has announced a strategic partnership with Vienna-based Wiener Privatbank.

The partnership is to develop regulated infrastructure for institutional participation in blockchain-based financial markets.

The collaboration aims to create a framework that aligns blockchain innovation with established European regulatory standards, potentially opening new pathways for institutional capital to enter on-chain ecosystems.

Building a regulated gateway to on-chain markets

At the core of the partnership is the integration of traditional banking services with the REAL blockchain.

Wiener Privatbank will provide essential financial infrastructure, including custody of client funds, reserve safeguarding, and support for asset origination.

Client funds will be held in EU-regulated accounts, with compliance structured around frameworks such as MiCA, alongside standard know-your-customer (KYC) and anti-money laundering (AML) procedures.

The framework is designed to address key institutional concerns around legal clarity, operational transparency, and risk management.

By embedding these controls within the system, the partnership seeks to make blockchain-based financial products more accessible to regulated financial institutions that require robust compliance and governance standards.

Scaling tokenized assets within a controlled framework

The collaboration will begin with a minimum viable product (MVP) phase expected to support approximately $50 million in on-chain assets.

Following the launch of the REAL blockchain mainnet, the partners aim to scale significantly, targeting more than $500 million in tokenized assets within the first year.

Wiener Privatbank will also play a role in originating and structuring euro-denominated assets, contributing to liquidity development within what the companies describe as a regulated digital asset environment.

This focus on euro-based instruments reflects an effort to align blockchain offerings with the needs of European institutional investors.

Looking ahead, the companies plan to explore the issuance of a euro-denominated stablecoin native to the REAL blockchain.

However, this initiative remains subject to further regulatory assessment and structuring, indicating a cautious approach to compliance and oversight.

Aligning innovation with institutional standards

Executives from both organizations emphasized the importance of combining innovation with regulatory integrity.

Ivo Grigorov, CEO of Real Finance, said the partnership reflects a commitment to building infrastructure that meets institutional expectations.

This partnership reflects our commitment to building institutional-grade infrastructure that meets the expectations of regulated financial institutions. By working with Wiener Privatbank, we are ensuring that access to on-chain markets is underpinned by robust compliance standards, clear governance, and trusted banking relationships.

Michael Munterl, a member of the Executive Board at Wiener Privatbank, highlighted the shared focus on regulatory integrity and innovation.

Our collaboration with Real Finance is grounded in a shared focus on regulatory integrity and innovation. We see this partnership as an opportunity to extend established banking standards into emerging digital asset infrastructures, while maintaining the compliance, transparency, and client protection principles that define our institution.

The REAL blockchain itself is designed to support the tokenization and distribution of real-world assets within a controlled environment.

Through partnerships with regulated financial institutions, Real Finance aims to create infrastructure where traditional finance and blockchain systems can operate within clearly defined regulatory parameters.

On March 10, 2021, Strategy (formerly MicroStrategy) founder Michael Saylor encouraged investors to use leverage and even mortgage their homes to buy bitcoin (BTC). Five years later, the company’s CEO Phong Le is talking about mortgages again, but this time in relation to buying Stretch (STRC) instead of BTC.

Le talked about STRC, a stock with no guarantees of principal repayment that currently pays variable, 11.5% annualized dividends, on Natalie Brunell’s popular Bitcoin show.

“It almost looks like a paycheck, right? It’s just coming in,” Le claimed in an incredible comparison of income to STRC’s variable dividends that his board of directors may suspend at any time.

He also recommended STRC to people who “might have a mortgage to pay, or they might have utility bills to pay, or a car bill.”

Then came the incredible changeover from Saylor’s mortgage-for-BTC to CEO Le’s new mortgage-for-STRC. He told brunell:

“I, just last week, bought $250,000 of STRC. The reason I did it was just to sort of go through the experience, which I enjoy doing.

“I have monthly obligations. I have a 1.75% 30-year mortgage, right? And if I can, instead of paying down that mortgage, put it into an instrument that pays me 11.5%, that’s 10x my mortgage rate.

“I’m essentially making money by taking the money, putting it into STRC, getting 11.5% percent, and paying off my 1.75% mortgage.”

Le mortgages for STRC instead of BTC

In the same video, Le also claims that STRC “grew faster than the iPhone,” mistakenly claiming sales of its stock are somehow “revenue” growing faster than Apple’s early sales of physical products.

However, raising capital by selling stock doesn’t generate revenue, which is a controlled accounting term.

As with Saylor, the advice comes from a lavishly compensated executive who wants to “just sort of go through the experience.”

Like Saylor, Le doesn’t need dividends of a $250,000 mortgage relative to his annual compensation that has exceeded $15 million.

Le himself disclosed the uncomfortable reality of who’s receiving this mortgage advice. He recently admitted that roughly 80% of STRC stockholders are retail investors.

That figure, which he cited with apparent pride, means the population most exposed to financial hardship and chasing risky, high yields — as Le described, people with mortgages to pay, utility bills, and car payments — represents the overwhelming majority of STRC’s investor base.

• Nexo adds SOL, XRP to its 0% APR crypto-backed credit product.
• ZiC lets users borrow at 0% interest with no liquidation risk.
• Over 30% of Nexo loans now use non-BTC, ETH collateral.

Nexo has expanded its Zero-interest Credit (ZiC) offering to include Solana (SOL) and Ripple (XRP) as eligible collateral, marking what it says is an industry first for zero-interest, no-liquidation lending backed by these assets.

The move broadens access to interest-free borrowing beyond Bitcoin (BTC) and Ethereum (ETH), which previously dominated the platform’s collateral base.

The announcement comes as crypto-backed lending continues to evolve, with platforms seeking to attract a wider investor base by offering more flexible borrowing structures tied to digital assets.

Expansion beyond Bitcoin and Ethereum

Nexo said the addition of SOL and XRP reflects shifting collateral trends on its platform.

While Bitcoin and Ethereum still account for around 70% of total collateral volume—closely mirroring their broader market dominance—more than 30% of loans are now backed by alternative crypto assets.

SOL and XRP lead this segment, prompting the platform to extend its flagship ZiC product to these tokens.

The company said the move allows a broader group of users to access liquidity without selling their holdings.

“Nexo has always believed in being where the market is going, not where it already is. Zero-interest Credit set a new standard for Bitcoin and Ethereum holders, and expanding it to Solana and Ripple is the logical next step, one we are taking before anyone else,” said Elitsa Taskova, Chief Product Officer at Nexo.

How the zero-interest credit product works

ZiC enables users to borrow stablecoins at 0% APR over a fixed term, with no risk of forced liquidation during the loan period.

The structure includes predefined repayment terms visible at the outset, offering greater predictability compared to traditional crypto lending products.

For SOL and XRP-backed loans, ZiC operates at a 30% loan-to-value (LTV) ratio, with minimum collateral requirements set at 100 SOL or 5,000 XRP.

The core proposition remains unchanged: users can unlock liquidity while maintaining exposure to their crypto holdings.

The product has already seen notable traction. Nexo reported more than $170 million in total loan volume through ZiC, alongside a 66% borrower renewal rate and an average of four renewals per user.

More than half of the borrowed funds remain on the platform, indicating that users are leveraging liquidity while staying invested.

Growing relevance of crypto-backed lending

The expansion comes amid increasing recognition of crypto-collateralized financing in traditional financial systems.

In March 2026, US mortgage agency Fannie Mae began accepting crypto-backed mortgages, allowing borrowers to pledge Bitcoin without liquidating their assets.

Nexo positioned its ZiC offering within this broader trend, emphasizing demand for liquidity solutions that do not require asset sales.

The company said extending the product to SOL and XRP aligns with growing diversification in crypto portfolios and evolving borrower preferences.

Latest developments: Banking groups want regulators to pump the brakes on the Genius Act rollout.

• Major U.S. banks have asked for extended public comment periods before full implementation.
• Agora CEO Nick van Eck said the move is “not much of a surprise,” calling the law one of the most significant in banking history
• Van Eck expects continued efforts to slow the process over the next year as banks assess risks to their business models

Reading between the lines: The fight centers on deposits and yield economics.

• Van Eck argued banks’ real concern is “deposit flight” if stablecoin issuers can pass through rewards to users
• Traditional banks currently profit from the spread between near-zero deposit rates and higher returns at the Fed, he said

Why it matters: A unified federal framework could reshape U.S. finance.

• Van Eck said a national regime would boost innovation and global dollar adoption
• The Genius Act would require stablecoin issuers to operate as banks, raising the bar for entry
• The outcome could determine whether crypto firms or traditional banks dominate digital dollar infrastructure

Closer look: Agora is betting on a bank charter to compete.

• The firm filed for a national trust bank charter with the OCC last week, aiming for approval by year-end
• A charter would allow Agora to issue stablecoins directly under federal oversight
• Van Eck said direct issuance could eliminate “egregious fees” in fiat-to-crypto on/off ramps

What comes next: Agora is eyeing a broader financial stack.

• The company plans to expand beyond issuance into custody, compliance, and infrastructure services
• Van Eck said the goal is to bring businesses “on-chain without them knowing it,” emphasizing seamless integration

In today’s newsletter, Josh Olszewicz from Canary Capital introduces Sui blockchain and discusses its potential impact on Web3 adoption and optimization for consumer applications.

Special alert: Are you going to Consensus Miami? Don’t miss the closed-door, Wealth Management Day on May 6. There is a special side event, dedicated to advisors. Attendance is complimentary for credentialed advisors. A CRD number is required to apply.

Happy reading.

Breaking down SUI$0.9071

The Sui (pronounced “swee” like sweet) network is emerging as one of the more differentiated Layer-1 blockchains in the current market cycle, combining novel architecture with a design philosophy aimed squarely at consumer-scale applications. A Layer-1 blockchain is the base layer of a network, where transactions are recorded, validated and finalized. While often grouped alongside other high-throughput chains, Sui takes a distinct approach to execution, data ownership and tokenomics, differences that may prove meaningful for long-term adoption and investor positioning.

Launched in 2023 by Mysten Labs, Sui is a delegated proof-of-stake (DPoS) Layer-1 blockchain built using the Move programming language. Its core innovation lies in an object-based data model that enables parallel transaction execution, allowing the network to process transactions simultaneously rather than sequentially. This architecture is designed to deliver high throughput and low latency, improved scalability without reliance on rollups (transaction batching) and native support for complex, asset-centric applications.

Unlike traditional blockchains, where every transaction competes for global consensus, Sui distinguishes between owned objects, which can be processed independently, and shared objects, which require consensus. This selective execution model reduces bottlenecks and enhances efficiency at scale.

Sui’s design is optimized for consumer-facing Web3 use cases, including gaming, digital identity and social applications. By minimizing execution friction and improving user experience through features like zero-knowledge (zk)-based logins and passkeys, the network aims to bridge the gap between Web2 usability and Web3 ownership. The broader implication is straightforward: if Web3 adoption is ultimately driven by applications rather than speculation, architectures like Sui’s may be structurally advantaged.

Beyond its base layer, Sui expands into a broader infrastructure stack. It includes an execution layer for smart contracts and asset logic, decentralized storage via Walrus for verifiable data, programmable encryption through Seal for access control and confidential compute with Nautilus to support hybrid on- and off-chain applications. Together, these components form a full-stack Web3 environment within the Sui ecosystem, reducing reliance on centralized infrastructure providers.

On the consensus side, Sui uses a dual-layer architecture. Narwhal handles data availability, while Bullshark provides transaction ordering and finality. This design enables the network to maintain high throughput without compromising security.

The total SUI token supply has a fixed maximum cap of 10 billion tokens, with no ongoing inflation beyond that cap. Key features include gradual token release through long-term vesting schedules, staking rewards distributed from pre-allocated supply rather than new issuance and an intentionally limited early circulating supply to reduce sell pressure.

Sui has shown steady growth across several key metrics. Transactional activity has remained consistent and active addresses have increased. Total Value Locked (TVL), or how much notional value is inside of the ecosystem, has expanded alongside the growth of decentralized finance (DeFi) protocols and stablecoin integrations. TVL peaked in October 2025 at around $2 billion and has since declined to $600 million, reflecting the broader pullback in assets across the sector.

Ecosystem growth has been driven by the expansion of DeFi platforms, the integration of major stablecoins to improve liquidity and usability and incentive programs paired with emerging consumer applications that increase engagement. Examples include Scallop, a DeFi hub focused on stablecoin lending and yield generation; Run Legends by Talofa Games, a move-to-earn fitness RPG where users walk and run in real life to battle and earn rewards; and FanTV, a TikTok-style social media platform.

One way to assess Sui, and crypto networks more broadly, is through a “network P/S ratio” (market cap divided by fees). This metric reflects investor expectations for future growth and the relationship between current usage and valuation. However, unlike traditional equities, fees are volatile, only accrue to validators and token holders who stake their SUI and are highly sensitive to incentives and subsidies. As a result, valuation should be contextualized alongside user adoption, transaction trends and ecosystem expansion.

Sui is also beginning to intersect with traditional financial infrastructure. The launch of SUI-linked investment products, including exchange-traded vehicles with staking exposure, signals growing institutional interest. This trend mirrors broader crypto market evolution, where access, yield and regulatory wrappers have unlocked pathways for sophisticated institutional access and capital deployment.

Sui represents a distinct approach within the Layer-1 landscape, combining parallelized execution and object-based architecture, a non-inflationary, vesting-driven token model and a growing ecosystem of consumer and DeFi applications.

For investors, the key question is not simply whether Sui can compete on throughput, but whether its design translates into sustained user adoption and economic activity. If it does, the network’s architecture and token structure could position it as a meaningful component in the construction of the next phase of Web3 growth.

Generations of the Internet

Web1: Information online | Web2: Platforms and social interaction | Web3: Ownership, composability, and programmable value

For more additional learning and a unique networking opportunity, Canary Capital is partnering with 3iQ, Digital Ascension Group, and Bitnomial, for an exclusive event on May 4 in Miami. Learn more.

– Josh Olszewicz, portfolio manager, Canary Capital

Keep Reading

• Ondo price hovers around $0.26 after bouncing off crucial support.
• Ondo leads tokenized stocks, ETFs with over $825M TVL peak.
• Failure to hold support could see ONDO dip to $0.20.

Ondo (ONDO) is trading near a critical psychological support zone, with intraday action including a retest of resistance above $0.26.

The token is poised at these levels as on‑chain activity around tokenized stocks and exchange-traded funds (ETFs) attracts institutional and retail capital.

However, with prices pegged in a narrow range below $0.30 since early February, could the broader real‑world asset (RWA) sector growth buoy ONDO?

Ondo Finance powers access to tokenized stocks and ETFs

Ondo Finance has emerged as one of the largest platforms for tokenized stocks and ETFs.

Currently, it accounts for over half of the sector’s total market by value, with RWA‑focused analytics trackers showing the protocol hitting over $825 million in total value locked (TVL) at peak.

The traction cuts across more than 250 tokenized US stocks and ETFs, including blue‑chip names such as NVDA, AAPL, and major ETFs like SPY and QQQ.

These assets are now available across Solana, Ethereum, and BNB Chain, giving holders cross‑chain exposure and liquidity via major wallets, exchanges, custodians, and protocols such as Binance, Bitget, MetaMask, Ledger, and Blockchain.com.

In a bid to deepen maturity, Ondo recently announced a collaboration with Broadridge.

The aim is to enable holders of over 250 tokenized stocks and ETFs to participate in proxy voting and receive regulatory filings and issuer communications related to these securities.

Separately, more than 260 Ondo‑backed tokenized products are now listed on the KuCoin Web3 Wallet, signaling growing integration into mainstream crypto infrastructure.

Despite this momentum, ONDO’s price has remained subdued, raising questions about the lag between protocol‑level growth and token‑price performance.

ONDO price technical analysis: can bulls reclaim $0.30?

From a technical standpoint, ONDO is currently navigating a short‑term bearish backdrop as the price consolidates near $0.26.

The daily chart shows the relative strength index (RSI) in a neutral zone, suggesting neither extreme overbought nor oversold conditions, while the MACD signal line remains negative, underscoring underlying bearish momentum.

Key support clusters lie around $0.24-$0.26, a decisive zone for both bulls and bears.

If price breaks lower, it could open the path toward $0.20, whereas a sustained hold above $0.26 may invite a retest of the recent range high near $0.27–$0.28.

The key target for bulls will be a fresh run to $0.30, a level last seen in mid-February.

On the weekly timeframe, RSI is drifting toward oversold territory, and price is trading below key exponential moving averages (EMAs).

This hints at exhaustion but also suggests bulls need a clear breakout above resistance to shift the overall bias.

TLDR

• Anchorage Digital has partnered with M0 to strengthen its regulated stablecoin issuance platform.
• The collaboration allows institutions to launch compliant stablecoins in the United States market.
• M0 provides modular technology that supports customizable stablecoin creation and management.
• Anchorage Digital aims to expand its infrastructure while maintaining regulatory and security standards.
• M0 integrates with platforms like Stripe, MoonPay, and MetaMask to extend its ecosystem reach.

Anchorage expands its stablecoin infrastructure strategy through a new partnership with M0, targeting regulated issuance services. The agreement positions the crypto bank to support institutions seeking compliant digital currency solutions. The move aligns with growing demand for regulated stablecoins in the United States market.

Anchorage Digital expands regulated stablecoin infrastructure with M0

Anchorage Digital has selected M0 as its core technology partner for stablecoin issuance. The integration allows Anchorage to strengthen its platform for institutions seeking regulated digital asset solutions.

The company confirmed that the partnership will expand its issuance capabilities for U.S.-regulated stablecoins. It also enables broader access for firms planning to launch compliant digital currencies.

Anchorage stated that the system upgrade supports operational and security standards required by institutional clients. The firm continues to position itself as a regulated gateway for digital asset services.

Nathan McCauley, Anchorage CEO, said the firm aims to scale its issuance platform through this partnership. He added that the collaboration maintains regulatory and operational reliability for partners.

The company operates as the first federally chartered crypto bank in the United States. It continues to build services focused on institutional digital asset management.

M0 protocol supports flexible stablecoin issuance for institutions

M0 provides modular infrastructure that allows institutions to mint customizable stablecoins. The protocol supports integration with financial platforms and crypto services.

M0 works with platforms such as Stripe, MoonPay, and MetaMask. These integrations expand its reach across payments and blockchain ecosystems.

Luca Prosperi, M0 CEO, stated that the firm has developed modular infrastructure for three years. He said the platform supports entities launching and managing their own stablecoins.

Prosperi explained that the protocol serves crypto projects, fintech firms, and exchanges. He added that the Anchorage partnership reflects deeper regulatory alignment.

The platform enables institutions to configure stablecoins based on compliance and operational requirements. It also supports scalable deployment across global markets.

Regulatory framework drives collaboration between Anchorage Digital and M0

The partnership follows regulatory developments under the GENIUS Act in the United States. The law introduces clearer rules for stablecoin issuance and oversight.

Anchorage aims to align its services with these regulatory standards through its technology stack. The firm continues to expand its compliance-focused offerings.

M0 has already partnered with regulated entities using its smart contract infrastructure. However, Prosperi described the Anchorage collaboration as more integrated.

He stated that the relationship includes deeper coordination on compliance and operational processes. This structure supports institutions entering regulated stablecoin markets.

Anchorage confirmed that the expanded platform will support firms seeking U.S.-regulated digital currencies. The company continues to develop infrastructure aligned with federal requirements.

South Korean prosecutors are seeking a 20-year prison term for Delio’s chief executive, Jeong Sang-ho, in a case prosecutors describe as a large-scale breach that harmed thousands of investors. Closing arguments at the Seoul Southern District Court framed the allegations as deliberate deception and false promotion tied to the crypto deposit platform’s operations, as reported by Yonhap.

The prosecutors emphasized the alleged misconduct, saying that the defendant’s actions created broad and lasting damage to investors while he allegedly avoided accountability and maintained an uncooperative stance. Delio suspended withdrawals on June 14, 2023, freezing customer assets valued at 250 billion won (about $169 million), and the company was declared bankrupt in November 2024. Jeong was later indicted in April 2025 on charges of embezzling roughly $169 million in crypto assets from victims over a two-year period.

Key takeaways

• Prosecution seeks a 20-year term for Delio CEO Jeong Sang-ho under South Korea’s Act on Aggravated Punishment of Specific Economic Crimes, reflecting the scale and alleged deception in the case.
• Massive investor impact prosecutors describe the scheme as affecting nearly 2,800 victims, with funds locked when withdrawals were halted in June 2023.
• Criminal charges detail embezzlement Jeong faces allegations of diverting about $169 million in crypto assets from victims between August 2021 and June 2023.
• Regulatory tightening in Korea the case unfolds as Seoul strengthens oversight of crypto exchanges, levying AML-related penalties on firms such as Coinone and Bithumb in recent months.
• Enforcement and investor protection the Delio proceedings highlight ongoing regulatory focus on licensing, AML/KYC compliance, and enforcement risk for platform operators in Korea.

Prosecution case and charges

During closing arguments, prosecutors urged the court to impose a two-decade sentence on Jeong Sang-ho, invoking the Act on Aggravated Punishment of Specific Economic Crimes to address what they termed deliberate deception and false promotion. They asserted that the alleged scheme inflicted harm on thousands of investors and that the defendant showed little willingness to accept responsibility or cooperate with investigators. The court is weighing the facts as it prepares to render a first-instance verdict on July 16.

According to Yonhap, the prosecutors highlighted the scale of the damage, describing it as “massive” and note that the defendant’s alleged actions exposed a large number of victims to financial harm. The case centers on claims that Delio offered high returns on deposits of cryptocurrencies and then abruptly suspended withdrawals, effectively freezing investor funds.

In the charging timeline, Jeong was indicted in April 2025 on accusations of embezzling about $169 million in crypto assets from customers over roughly two years, spanning August 2021 to June 2023. The prosecutors’ framing during closing arguments underscores the court’s consideration of both the alleged deception and the financial magnitude of the losses when determining an appropriate penalty.

Delio’s collapse and investor impact

Delio operated a deposit service promising elevated yields on cryptocurrencies deposited for fixed terms. The platform’s June 2023 withdrawal suspension marked a turning point, with 250 billion won ($169 million) in customer assets effectively locked. A Seoul court subsequently declared Delio bankrupt in November 2024, signaling a full collapse of the platform and a difficult path for creditors and investors seeking recovery.

Jeong’s defense acknowledged the harm caused to investors. An attorney for Jeong stated that the defense “is aware of the victims’ suffering and feels a deep sense of responsibility,” and that the defendant would explore avenues to compensate victims if acquitted. The legal process remains ongoing, with the first-instance verdict scheduled for mid-July.

Regulatory crackdown and industry implications in South Korea

The Delio case coincides with a broader, intensifying regulatory crackdown on crypto exchanges in South Korea. Earlier this month, Coinone—the country’s third-largest exchange—faced penalties and a partial business suspension over Anti-Money Laundering failures. In March, Bithumb incurred a $24.5 million fine accompanied by a six-month partial suspension for similar AML shortcomings. The drive for stricter compliance follows a series of high-profile missteps, including instances of operational risk and recent enforcement actions aimed at strengthening customer protections and regulatory oversight.

The intensified enforcement environment underscores the ongoing push to align crypto-asset platforms with robust AML/KYC frameworks and licensing obligations. In a broader policy context, the Korean regime is part of a global movement toward stricter industry standards on exchange conduct, asset handling, and investor safeguards, with regulatory reforms paralleling initiatives in other jurisdictions and ongoing discussions around cross-border compliance and supervision.

Past incidents—such as the episode where Bithumb reportedly transferred a large quantity of Bitcoin by mistake—have amplified public and regulatory scrutiny over exchange governance, risk controls, and customer asset protections. Korea’s actions reflect an emphasis on narrowing compliance gaps and ensuring transparent, verifiable processes across crypto service providers, a stance that is likely to shape licensing regimes and enforcement priorities in the near term.

From a policy perspective, the Delio case reinforces the importance of clear disclosure, accountable leadership, and proven liquidity management for platform operators. Regulatory observers will be watching how the court’s ruling aligns with ongoing AML/KYC enhancements and with any future licensing updates that affect exchange operations, stablecoins, and cross-border activity within the Korean market.

Closing perspective

The ongoing proceedings against Delio’s leadership, set against a backdrop of intensified regulatory scrutiny, illustrate the resilience of investor protection frameworks in Korea’s crypto sector and the continued risk management focus for institutional participants. The coming verdict will signal how aggressively South Korea intends to pursue high-scale misconduct in crypto services and what this portends for exchanges, custodians, and other market infrastructure operators.