Crypto World
BlackRock’s BUIDL Fund Hits Uniswap as UNI Jumped 40%
UNI surged 40% in minutes after Uniswap enabled trading for BlackRock’s tokenized BUIDL fund via UniswapX integration.
Uniswap’s UNI token jumped about 40% within half an hour, after Uniswap Labs announced that BlackRock’s tokenized money market fund BUIDL can now trade through its protocol.
The move links one of the world’s largest asset managers with a decentralized exchange, drawing attention from traders and institutional watchers alike.
BlackRock Fund Trading Goes Live on Uniswap Rails
In a February 11 press release, Uniswap Labs said it partnered with Securitize to make BlackRock’s USD Institutional Digital Liquidity Fund available for trading via UniswapX, its request-for-quote trading system.
The company stated that investors can swap BUIDL with approved counterparties at any time using smart contracts for settlement.
Hayden Adams, CEO of Uniswap Labs, said the integration aims to make markets cheaper and faster, while Securitize CEO Carlos Domingo said it brings traditional financial standards to blockchain-based trading.
BlackRock’s global head of digital assets, Robert Mitchnick, called the launch “a notable step” for tokenized funds interacting with decentralized finance systems. The asset manager also confirmed it has made an investment within the Uniswap ecosystem, though it did not disclose the amount or whether it bought UNI tokens.
Market reaction followed quickly, with UNI rising by more than 40% in about 30 minutes to touch $4.57 after the announcement and news of BlackRock’s involvement spread across trading desks.
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As of the latest CoinGecko data, the excitement around the token seems to have petered down somewhat, with UNI now trading near $3.40, which is still up about 5% over 24 hours.
Despite the short-term jump, the token is still down about 9% over seven days and more than 35% in the past month, showing that the spike came after a longer decline.
Tokenized Assets Keep Drawing Major Finance Firms
The integration builds on a wider trend of institutions putting financial products on public blockchains. Earlier in the year, the official Ethereum account on X noted that 35 major firms, including BlackRock, JPMorgan, and Fidelity, have launched services tied to the network. Those projects range from tokenized stocks and funds to stablecoins and deposit tokens.
Securitize, which manages more than $4 billion in assets, has worked with asset managers such as Apollo, KKR, and BNY to tokenize funds. By linking its compliance-focused platform with Uniswap’s trading system, the companies are testing a structure where regulated investors can access blockchain liquidity while remaining within whitelisted environments.
UNI’s recent price swings show how closely traders track institutional activity tied to decentralized finance.
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The digital asset landscape extended its bridge to traditional finance this week as Kraken secured direct access to the Federal Reserve’s payment rails. By winning a limited-purpose master account with the Federal Reserve Bank in Kansas City, Kraken is poised to move dollars with unprecedented directness, reducing the industry’s dependence on intermediary banks. The move signals continued maturation of crypto infrastructure even as the broader market endures headwinds from a months-long correction. Across the ecosystem, other steps—such as MARA Holdings clarifying its treasury stance and Fold strengthening its balance sheet—underscore a push toward greater financial resilience and institutional alignment.
Key takeaways
- Kraken obtained a limited-purpose master account with the Kansas City Federal Reserve, enabling direct use of the Fedwire system for real-time settlement of US dollar payments.
- The arrangement provides direct central-bank access for a crypto-native firm, with an initial one-year term and conditions tailored to Kraken’s risk profile.
- MARA Holdings clarified that recent disclosures about Bitcoin treasury management expand flexibility rather than signal an imminent sale.
- Fold eliminated $66.3 million in convertible debt and freed up 521 BTC collateral, strengthening its balance sheet ahead of a forthcoming Bitcoin rewards card launch.
- TD Securities and NYSE-related tokenization discussions suggest institutional appetite could grow if regulatory and infrastructure steps advance, including 24-hour trading and near-instant settlement for tokenized assets.
Tickers mentioned: $BTC
Market context: The Fed-access milestone sits within a broader drift toward blending crypto rails with traditional banking and settlement networks, as liquidity conditions tighten and investors seek clearer onramps, while tokenization and institutional-grade products loom as catalysts for wider participation.
Why it matters
Direct access to the Federal Reserve’s payment infrastructure represents a meaningful validation of crypto-market infrastructure, reducing reliance on correspondent banks and potentially lowering settlement frictions for USD-denominated crypto operations. Kraken’s ability to route payments through the Fedwire system—via a master account that is described as limited-purpose—could improve settlement transparency and speed for a crypto exchange, marking a shift from a peripheral billing role to a more integrated financial intermediary. This development aligns with a broader industry trajectory toward sanctioned access to public-sector rails, signaling regulators’ willingness to harmonize digital assets with mainstream financial systems without sacrificing risk controls. As Kraken frames the arrangement as a step toward becoming a directly connected financial institution, observers will watch how the arrangement evolves beyond the initial one-year term and what criteria accompany any renewal.
Concurrently, the crypto ecosystem has been wrestling with corporate treasury decisions that influence market sentiment. Bitcoin-focused MARA Holdings sought to reassure investors by clarifying that its recent disclosures about treasury management were designed to signal flexibility rather than an imminent liquidation of its BTC reserves. In a filing discussion, the company described an expanded treasury strategy that would allow BTC sales if market conditions warranted, alongside periodic BTC purchases. While some market observers had interpreted the filing as a potential for large-scale sales, company representatives stressed that the policy is designed to provide optionality while preserving long-term strategic goals. The situation underscores how treasury policies can become focal points for sentiment in a sector where balance-sheet discipline matters to institutional investors.
On the balance-sheet front, Fold made a material move to de-risk near-term pressure by retiring about 66 million in convertible debt, freeing up roughly 521 BTC that had served as collateral. The payoff reduces potential dilution from future equity issuance and strengthens the company’s leverage profile as Fold advances plans for a Bitcoin rewards card on the Visa network. Fold’s Nasdaq listing following a SPAC merger underscored the push to bring more Bitcoin-focused financial services into the public market, signaling how traditional markets are increasingly factoring crypto-native business models into their valuations and governance frameworks.
Beyond individual company dynamics, market participants are watching the NYSE’s tokenization framework and related commentary from traditional financial players. A TD Securities strategist flagged the potential for institutions to participate more broadly in tokenized equities and ETFs as the ecosystem develops. The NYSE has proposed tokenizing stocks and ETFs with 24-hour trading and near-instant settlement while preserving established market rules and custody arrangements. The envisioned architecture—where custody and settlement stay with the DTCC while trading adheres to NBBO standards—paints a pathway for deeper institutional engagement with blockchain-based market structures. Taken together, these developments illustrate how the line between crypto-native finance and conventional markets is steadily blurring, driven by infrastructure improvements, regulatory clarity, and a growing appetite from investors for more efficient settlement and access to digital assets.
What to watch next
- One-year term for Kraken’s Fed master account: monitor renewal discussions and any conditions tied to ongoing risk reviews.
- MARA’s 10-K updates: track disclosures on treasury policy and any stated triggers for BTC sales or purchases.
- Fold’s BTC rewards card timeline: watch for product milestones and any changes to its debt posture.
- NYSE tokenization progress: follow governance milestones, regulatory feedback, and any 24-hour trading pilots or settlement experiments.
- Broader institutional interest in tokenized equities and ETFs as infrastructure matures and custody solutions scale.
Sources & verification
- Kraken’s Fed master account and Fedwire access: https://cointelegraph.com/news/kraken-crypto-exchange-fed-master-account
- MARA Bitcoin sell-off claims and treasury strategy details: https://cointelegraph.com/news/mara-bitcoin-sell-off-claims-fact-check-treasury-strategy
- MARA Form 10-K and treasury policy expansion: https://cointelegraph.com/news/mining-companies-ai-hpc-mara-sell-bitcoin
- Fold debt payoff and BTC collateral release: https://cointelegraph.com/news/bitcoin-company-fold-pays-off-66m-debt-frees-up-btc-collateral
- NYSE tokenization framework and market impact: https://cointelegraph.com/news/nyse-tokenized-stocks-td-securities-market-impact
- NYSE tokenization of stocks and ETFs platform: https://cointelegraph.com/news/nyse-develops-blockchain-trading-platform-tokenized-stocks-etfs
- MDARC tweet status referenced in coverage: https://x.com/MARA/status/2028880550283350246
Kraken’s Fed access signals crypto infrastructure matures
The milestone for Kraken sits at the intersection of policy, technology, and market structure, illustrating how the crypto sector is gradually embedding into the core of the traditional financial system. A direct, Fed-backed rails connection can reduce the friction that once forced crypto firms to navigate a web of banking partners with varying risk appetites. While the arrangement remains in its early stages—with a one-year term and tailored risk controls—it provides a blueprint for future collaborations between digital-asset entities and central-bank infrastructure. As the ecosystem broadens its toolkit—from improved balance sheets to tokenized markets—the path toward more resilient, institutionally palatable crypto finance becomes clearer. The coming months will reveal how regulators, custodians, and market makers adapt to this deeper integration, and whether similar access becomes a more widespread feature for crypto firms seeking to scale operations in a regulated, transparent environment.
Pakistan’s parliament passed the Virtual Assets Act, 2026 on Wednesday, cementing the Pakistan Virtual Assets Regulatory Authority (PVARA), a government agency, as the country’s digital asset regulator.
The framework gives PVARA, established in July 2025, the authority to enforce licensing requirements and oversight over digital asset service providers, according to an announcement from the regulator.
PVARA is also tasked with setting and enforcing anti-money laundering provisions and international sanctions compliance under the new legislation. PVARA Chairman Bilal Bin Saqib said:
“With no objection certificates (NOCs) already issued and banking rails being developed in coordination with the State Bank of Pakistan, we are now moving toward a comprehensive licensing framework aligned with global AML and financial integrity standards.”
The bill passed in both the Senate and Pakistan’s National Assembly, but must still be signed by Pakistan President Asif Ali Zardari to become law.
The government of Pakistan moved to regulate cryptocurrencies as legal tender in November 2024, reversing long-standing pushback from regulators, who said crypto would never be legalized or integrated into the financial system.
Related: SEC proposes ‘token taxonomy’ for interpreting crypto under securities laws
Pakistan may emerge as a crypto hub in five years
Since that time, Pakistan has announced a Bitcoin strategic reserve and dedicated 2,000 megawatts of electricity for mining and AI data centers.
Digital assets are the foundation of a “new financial rail for the global south,” and Pakistan views blockchain technology as critical infrastructure, Bin Saqib said at the Bitcoin MENA conference in December 2025.
In January, Pakistan signed a memorandum of understanding with SC Financial Technologies, an affiliate of World Liberty Financial, the decentralized finance platform founded by US President Donald Trump’s sons.
The collaboration will explore the use of the USD1 stablecoin for digital payments, including cross-border transactions and remittances.
Binance co-founder Changpeng Zhao said Pakistan could emerge as a global hub for digital assets by 2030 if the country continues its rapid pace of development and regulatory progress.
Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib
PancakeSwap, the leading decentralized exchange on BNB Smart Chain, rolled out the StableSwap feature on March 1.
PancakeSwap, the leading decentralized exchange (DEX) on BNB Smart Chain, is facing allegations of unauthorized code use.
Earlier today, Ethereum-based DEX Curve Finance accused the platform of copying its StableSwap code without permission, constituting a violation of the code’s license. PancakeSwap rolled out the StableSwap feature on March 1.
“Looks like you copied our code without asking. It is violation of its license. Not only it is illegal: historically it showed to be unwise for those who did it this way in other regards,” Curve wrote on X.
Curve also offered to discuss licensing and potential collaboration to enable PancakeSwap to use the code legally.
“We’re reaching out to your team directly to discuss this,” responded PancakeSwap.
Curve’s StableSwap algorithm is designed to enhance stablecoin exchanges by reducing slippage and fees, making it a valuable asset in decentralized finance (DeFi).
PancakeSwap’s CAKE token is down nearly 4% in the past 24 hours, but remains up 4% over the past week.
PancakeSwap currently holds a total value locked (TVL) of approximately $2 billion, according to DeFiLlama, making it the second-largest DEX after Uniswap.
This article was generated with the assistance of AI workflows.
Investors have poured money into emerging markets in recent years as the search for big stock gains has migrated overseas and as they look for diversification beyond the concentrated S&P 500. But the U.S.-Iran military conflict has reframed the concentration question, highlighting the level of risk in emerging markets when it comes to gains being dependent on a select number of stocks, many tied to the AI boom.
The iShares MSCI Emerging Markets ETF (EEM) has had strong performance over the past few years and into 2026, up 29% in 2025 and still holding onto a small gain this year. However, its holdings remain largely tilted toward Asia, with large exposure to China, South Korea, India, and Taiwan, together representing over three-quarters of the index weight, and many of the top stocks tied to tech, including Taiwan Semiconductor and Samsung.
“If you look at the index within emerging markets, it’s still roughly 80% Asia,” Malcolm Dorson, senior emerging markets portfolio manager and senior v.p. head of the active investment team at ETF company Global X said on CNBC’s “ETF Edge” earlier this week. “That gives you a lot of concentration risk,” he said.
Overall, the EM index has a 30%-plus tech sector weighting.
South Korean stocks have experienced extreme volatility this week. The market posted its worst single-day move ever on Wednesday as the escalating war in the Middle East resulted in concerns about energy supplies to Asia, where top stocks in the memory sector fueling the AI boom rely on energy-intensive processes. After its worst day ever, the South Korean index rebounded on Thursday for its best day since 2008. The iShares MSCI South Korea ETF (EWY) is still down close to 13% this week.
Some of the enormous volatility in South Korean stocks is tied to how well they have performed recently, and how many retail investors have seen big gains from holding them. SK Hynix, a top holding in the broad emerging market indexes, gained 274% last year, while Samsung gained 125%.
Performance of the iShares MSCI South Korea ETF over the past one-year period.
A huge spike in oil prices since the outbreak of the military conflict has rattled global markets. On Friday, Brent crude futures topped $90 and U.S. West Texas Intermediate crude futures were closing in on that range, up more than 30% this week, while Brent has advanced nearly 26%.
The energy squeeze in Asian nations can be seen in China’s reported decision this week to tell domestic oil refining companies to stop any exports of fuel, and more Asian nations may follow with similar moves to retain energy stockpiles, energy market experts have said.
It isn’t time to abandon emerging markets, according to ETF investing strategists, and some macroeconomic factors may sustain outperformance in these markets over the longer-term. But Dorson said a “barbell approach” to investment strategy may be wise, balancing exposure between different types of emerging markets rather than relying on one region. He says thinking this way should lead investors who want to maintain international exposure to look at Latin America as a balance against Asian markets.
“I think you need to have both,” Dorson said.
Countries like Argentina, Brazil, and Colombia are heavily linked to energy and commodities market, and he said rising oil prices can provide an additional tailwind for those economies. “I’d say 25 to 33% of the story should be that attractiveness of getting exposure to commodities,” he said. He added that there are also political reform efforts in Latin American nations that could serve as additional tailwinds for economies. “All eyes are on political change that could drive fiscal reform,” he said, and he added that may benefit financial services sector stocks across the region.
Equities in several Latin America markets also trade at significant discounts to U.S. stocks, with many price-to-earnings ratios roughly half those in the S&P 500. For example, Vanguard’s S&P 500 ETF, VOO, currently trades at a P/E ratio of 28, while its emerging markets ETF, VWO, trades at a P/E ratio of 18.
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Crypto World
Counter-Drone Defense Stocks Surge as Iran Conflict Escalates: Ondas (ONDS), BlackSky, and Iridium
Key Takeaways
- Since hostilities erupted, Iran has launched more than 500 ballistic missiles and 2,000 drones, with inexpensive Shahed drones penetrating air defenses
- Attacks resulted in six U.S. military deaths and strikes on regional assets including the U.S. Embassy in Saudi Arabia
- Ondas shares have climbed more than 1,200% over the past year, with the company announcing $6 million in fresh counter-drone contracts from Middle Eastern clients
- Oppenheimer maintains Outperform ratings on Ondas, BlackSky, and Iridium as beneficiaries of the escalating drone threat
- Airobotics, an Ondas subsidiary, maintains a $20 million contract for autonomous perimeter defense technology
The intensifying aerial confrontation involving the U.S., Israel, and Iran is creating unprecedented demand for anti-drone solutions — and several publicly traded companies are capitalizing on the shift.
According to Gen. Dan Caine, chairman of the Joint Chiefs of Staff, Iran has deployed over 500 ballistic missiles and more than 2,000 drones since fighting erupted last Saturday. Although most were neutralized, successful strikes inflicted significant casualties and infrastructure damage.
Six U.S. military personnel lost their lives at a Kuwaiti installation. The U.S. Embassy in Saudi Arabia sustained damage. Qatar’s primary liquified-natural-gas facility was hit. Iran’s preferred weapon is the economical Shahed drone, designed for swarm attacks that can saturate conventional defense networks.
Oppenheimer analyst Timothy Horan stated that U.S. and Israeli forces had “significantly underestimated Iran’s drone capabilities.” He emphasized that the attacks are depleting interceptor inventories and exposing vulnerabilities in legacy counter-drone platforms.
Ondas has emerged as a primary beneficiary. The company manufactures the Iron Drone interceptor system, capable of neutralizing various small unmanned aerial vehicles. Oppenheimer maintains an Outperform rating with a $16 price target. Shares climbed 4.9% to $10.51 on Wednesday.
On March 6, Ondas disclosed approximately $6 million in new contracts for counter-drone platforms from defense and homeland security agencies across the Middle East and additional territories. The purchase orders encompass dozens of Sentrycs Cyber-RF counter-UAS units.
How Sentrycs Technology Works
The Sentrycs platform identifies, monitors, and hijacks unauthorized drones through protocol manipulation techniques. It can autonomously redirect hostile drones from sensitive zones or force landings in safe areas. The manufacturer emphasizes rapid deployment compatibility with existing detection infrastructure.
Ondas CEO Eric Brock highlighted “strong demand and a growing urgency among governments to find scalable solutions for defending critical infrastructure.”
The firm also posted 208% revenue expansion over the trailing twelve months and maintains a net cash position. Its current market capitalization reaches $4.72 billion.
BlackSky and Iridium Emerge as Satellite-Based Plays
BlackSky and Iridium represent complementary investment opportunities tied to the drone conflict. Both deliver satellite and communications infrastructure, increasingly critical as aerial warfare unfolds in what analysts describe as a “highly contested” communications landscape throughout the Gulf.
BlackSky shares advanced 7% to $24.30 on Wednesday. Iridium appreciated 2.1% to $24.51. Oppenheimer assigns Outperform ratings to both companies, with price targets of $31 and $34 respectively.
Additional defense contractors with counter-drone capabilities include CACI, AeroVironment, Kratos Defense, Lockheed Martin, RTX, and Northrop Grumman — offering solutions ranging from electronic jamming to directed-energy weapons to kinetic interceptors.
Ondas subsidiary Airobotics maintains a distinct $20 million purchase agreement for an autonomous perimeter security platform under a multi-year government procurement.
Demand for tokenized commodities is increasing as investors look for safe-haven exposure through crypto-native markets that trade around the clock, rather than only during traditional market hours.
The tokenized commodities sector grew 10% over the past month to $7.69 billion in cumulative market capitalization, while holders increased by 5.8% to 189,390, according to data aggregator RWA.xyz.
Tether Gold (XAUT) makes up the lion’s share with $2.96 billion of onchain commodities, while Paxos Gold (PAXG) is second with $2.56 billion.
The growth underscores how real-world assets are becoming a larger part of crypto market activity. Tokenized commodities allow investors to gain 24/7 blockchain-based exposure to assets including gold and silver, while offering the ability to transfer and trade them through digital asset infrastructure.
Related: Crypto’s yield gap with TradFi narrows as staking, RWAs surge
Crypto exchanges emerge as new TradFi venues
At the same time, crypto exchanges are drawing more interest from traders seeking exposure to traditional assets through derivatives.
This trend is particularly visible during strong price trend periods such as the recent gold and silver rallies, according to blockchain data platform CryptoQuant.
“Activity has spiked during periods of strong precious-metal price momentum,” wrote CryptoQuant’s head of research, Julio Moreno, in a research report published on Tuesday.
He added that daily volume was overwhelmingly concentrated in gold and silver contracts, which reached $3.77 billion and $3.75 billion, respectively, on Tuesday.
Related: US financial markets ‘poised to move on-chain’ amid DTCC tokenization greenlight
Binance perpetual trading activity on the rise
Trading in those products has expanded quickly. CryptoQuant said Binance’s TradFi perpetual futures have generated more than $130 billion in cumulative trading volume and about 90 million trades since launching in January.
CryptoQuant attributed the rising demand for tokenized commodities and the precious metal rally to tariff-related uncertainty, higher interest rates and stronger safe-haven demand.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?
Bitcoin (BTC) slipped under $70,000 around Friday’s Wall Street open as weak US employment data failed to boost risk assets.
Key points:
-
Bitcoin and stocks slump in reaction to a surprise downturn in US nonfarm payrolls.
-
Fed interest-rate odds stay hawkish, with markets seeing just one cut this year.
-
BTC price action “round trips” its latest breakout attempt, continuing a 2026 trend.
Bitcoin ignores “clearly weakening” labor market
Data from TradingView showed daily BTC price downside passing 3% to hit $68,176 on Bitstamp.
US nonfarm payrolls data disappointed across the board, showing that the labor market was more under pressure than expected.
The economy lost 92,000 jobs in February, per data from the Bureau of Labor Statistics (BLS), in contrast to the predicted 58,000 increase. The unemployment rate also came in higher at 4.4%.
The print contrasted with that from January, which delivered surprisingly strong employment results.
“This marks just the 2nd monthly job loss since the 2020 pandemic,” trading resource The Kobeissi Letter wrote in a response on X.
“The US labor market is clearly weakening.”
Labor-market strain traditionally signals a tailwind for crypto and risk assets as it implies a greater chance of interest-rate cuts.
The latest data from CME Group’s FedWatch Tool nonetheless showed little chance of the Federal Reserve doing so at its next meeting on March 18. Markets also saw just one rate cut in store for 2026.
The employment result thus failed to boost risk assets, with crypto following US stocks lower. At the time of writing, the S&P 500 and Nasdaq Composite Index were down 1.5% and 1.3%, respectively.
Only gold gained, with the precious metal up 1.5% to $5,155 per ounce.
BTC price comes full circle from monthly highs
Among Bitcoin traders, frustration was apparent as BTC/USD failed to cement a breakout from its narrow local trading range.
Related: Bitcoin ‘anomalous’ outflow sees 32K BTC leave exchanges in a single day
“Deviations above the Range High keep getting sold,” J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, commented.
Maartunn flagged three such failed breakouts in recent months, with each ending up as a deviation before a retreat lower.
“The latest deviation just occurred around $71K. If history repeats, this level may again act as a trap for late longs,” he warned.
Price returned to interact with key long-term levels, notably the 200-week exponential moving average (EMA) and the old all-time high from 2021.
“Looks like $BTC is round tripping the range…again,” Keith Alan, cofounder of trading resource Material Indicators, added.
Earlier, Cointelegraph reported on existing expectations of new lows coming for Bitcoin next, despite its run to monthly highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Cracks in the global private credit market are rattling investors, raising concerns the stress could spill into crypto markets.
Bloomberg reported Friday that BlackRock’s $26 billion private credit fund has begun limiting withdrawals amid rising redemption requests. The move follows similar stress at Blue Owl, which sold $1.4 billion in loans last month to meet withdrawals and reportedly has exposure to a collapsed U.K. property lender.
Shares of major asset managers including BlackRock (BLK), Apollo Global Management (APO), Ares Management (ARES) and KKR slid 4%-6% Friday, extending their 2026 rout.
Read more: Blue Owl liquidity crisis has investors bracing for 2008-style fallout
If redemption pressure forces private credit funds to unwind positions, it could trigger broader deleveraging across asset classes that could ripple through digital assets including bitcoin , Andreja Cobeljic, head of derivatives trading at Swiss crypto bank AMINA Bank warned in an emailed note.
Credit stress meets energy shock
U.S. banks extended nearly $300 billion in loans to private credit providers as of mid-2025 and another $285 billion to private equity funds, Cobeljic wrote, carrying risks that credit woes could extend to the banking sector
“In isolation this would be manageable,” he said. “But emerging in the middle of a broader global deleveraging event, alongside an energy shock and collapsing rate-cut expectations, it is a different conversation.”
“For risk assets, including crypto, a disorderly unwind here would represent a significant second-order shock that current pricing does not reflect,” he said.
Contagion to tokenized asset markets
A second channel of credit risk could surface directly on blockchain rails.
Tokenized private credit products — loans and funds packaged and issued on public blockchains as tokens — have grown quickly as part of the broader real-world asset (RWA) trend. According to data from rwa.xyz, the on-chain private credit market now stands at just under $5 billion. That remains tiny compared with the roughly $3.5 trillion global private credit market in 2025, estimated by the Alternative Credit Council.
But the growing presence of these assets inside decentralized finance (DeFi) means stress in the underlying loans could ripple directly to crypto markets.
“Institutions are entering crypto, but often with products that even degens and DeFi natives don’t fully grasp,” said Teddy Pornprinya, co-founder of real-world asset protocol Plume.
Real-world credit products can carry complex risks that are not always obvious to crypto investors, he said, including volatile net asset value swings and headline yields that don’t fully reflect fees or credit risk.
A recent episode shows how off-chain credit stress can spill into DeFi.
According to a report by risk advisory firm Chaos Labs, the 2025 bankruptcy of auto-parts supplier First Brands Group affected a private credit strategy run by Fasanara Capital. A tokenized version of the strategy, mF-ONE, had been issued on the Midas RWA platform and used as collateral for borrowing on the Morpho protocol.
When the underlying fund marked down exposure tied to the bankruptcy, the token’s net asset value slipped about 2%, pushing highly leveraged borrowers close to liquidation and tightening liquidity on the platform. Lenders ultimately avoided losses, but the episode highlighted how tokenized private credit used as DeFi collateral can transmit traditional credit stress into on-chain markets.
Key Insights
- Russia separate stablecoin law may create clear legal status for fiat-pegged tokens within the national financial system.
- Lawmakers may restrict trading on unlicensed crypto platforms under a broader exchange regulation bill.
- A ruble-pegged stablecoin approved for trade highlights Russia’s focus on cross-border blockchain payments.
Russia Plans Dedicated Stablecoin Regulation
The Russia separate stablecoin law proposal forms part of the country’s broader cryptocurrency regulatory reforms. The Ministry of Finance is considering legislation that will address fiat-pegged digital assets separately from exchange regulations.
BREAKING: 🇷🇺 Russia says it’s working on a stablecoin bill. pic.twitter.com/oEeF01Z3kg
— Crypto India (@CryptooIndia) March 5, 2026
Officials believe stablecoins serve a different function than decentralized cryptocurrencies. As a result, regulators prefer a legal framework designed specifically for these assets. The proposed Russia separate stablecoin law would define how stablecoins operate within the national financial system.
Alexey Yakovlev, director of the ministry’s Department of Financial Policy, highlighted the potential of these assets. He noted that stablecoins could play a significant role in financial infrastructure and global transactions.
At present, Russian law does not clearly define stablecoins. The planned legislation aims to clarify their legal status and regulatory classification.
Crypto Exchange Regulation Moves Forward
The Russia separate stablecoin law debate comes after advancements on wider cryptocurrency regulation. Legislators are still working on a bill that will govern crypto trading platforms nationwide.
The proposed exchange law may prohibit Russian citizens from trading digital assets on platforms that lack official permits. Regulators desire to enhance regulation and minimize risk in the crypto market.
With the proposed structure, the transactions might be conducted in the regulated institutions like banks, brokers, and stock exchanges. With the help of this structure, compliance and transparency will be enhanced.
Reports indicate lawmakers may present the exchange legislation to the State Duma during the spring session. If approved, the rules could take effect as early as July.
Stablecoins and Cross-Border Payments
Interest in the Russia separate stablecoin law reflects the country’s focus on international settlements. Policymakers view stablecoins as potential tools for cross-border financial transactions.
The Bank of Russia introduced a regulatory category called foreign digital rights. This type can involve cryptocurrencies and stablecoins that can be used in particular international applications.
An overseas trade stablecoin named A7A5 was authorized as a ruble-pegged stablecoin. Authorities approved the asset for cross-border settlements that meet regulatory requirements.
Negotiations among the central bank, the finance ministry and industry players are underway. The regulators want to come up with balanced rules to ensure financial stability and innovation.
The proposal of the Russia separate stablecoin law is indicative of the much bigger plan to modernize financial infrastructure. Well-defined policies may boost the trust in payment systems based on blockchains.
Cryptocurrency exchange Binance has officially responded to a February inquiry launched by a group of 11 US senators, largely denying facilitating transactions to Iranian entities and the narrative around employees’ terminations.
In a Friday letter to US Senators Richard Blumenthal and Ron Johnson of the Permanent Subcommittee on Investigations, Binance said that an inquiry launched in February into the exchange’s activities was based on reports that were “demonstrably false, unsupported by credible evidence, and defamatory in several material respects.”
The exchange referred to reporting from the Wall Street Journal, New York Times and Fortune, which said that Binance fired employees that reported the company had facilitated more than $1 billion in crypto transactions to entities connected to Iran, called Hexa Whale and Blessed Trust. According to Binance, the company launched an investigation in response to law enforcement inquiries, resulting in the removal of the entities from the platform.
“[T]o our knowledge, no Binance account transacted directly with an Iran-based entity,” said that exchange.
In response to the reports’ claims about the dismissal of employees who brought the investigation to the attention of executives, Binance said that some of them resigned, while another was terminated for disclosing internal user information:
“Binance takes seriously the privacy of its users and has no tolerance for employees violating that trust by sharing internal information externally. Binance also closely follows its labor and employment policies. This employment action was no different.”
The letter from the 11 senators to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi asked for a response by March 13 as to whether the government officials intended to investigate Binance. As of Friday, neither Bessent nor Bondi had publicly commented on the matter.
Related: SEC ends case against Justin Sun with $10M settlement
In 2023, Binance reached a settlement with US authorities, agreeing to pay $4.3 billion to resolve violations of sanctions and Anti-Money-Laundering laws. Then-CEO Changpeng “CZ” Zhao stepped down as part of the deal and pleaded guilty to one felony charge, which later resulted in a four-month prison term.
Trump-Binance ties under scrutiny after presidential pardon
Zhao pleaded guilty and served prison time, under an agreement that he not be permitted to assume another leadership role at Binance. However, in October, US President Donald Trump issued a pardon for CZ, which legally opened the door to his return to the exchange. Zhao has publicly ruled out going back as CEO.
Before Trump announced the pardon, the administration’s ties to Binance were already under scrutiny from many lawmakers after a UAE-based company, MGX, used the USD1 stablecoin issued by World Liberty Financial to settle a $2 billion investment in the exchange. Many lawmakers have labeled the deal as corruption given that World Liberty Financial is backed by the president and his sons.
Magazine: The debate over Bitcoin’s four-year cycle is over: Benjamin Cowen
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