BNB Chain activated the Pasteur hard fork on BNB Smart Chain mainnet at 02:30 UTC on Aug. 25, introducing three changes focused on bridge security, validator authorization and block capacity.

The network confirmed that Pasteur was live following its scheduled activation. BSC continued producing blocks at its existing 450-millisecond interval, with no major disruption publicly reported immediately after the upgrade.

Pasteur combines BEP-682, BEP-695 and BEP-675 under the broader BEP-673 upgrade plan. The changes had operated on BSC’s Chapel testnet since July 21 before reaching mainnet.

BNB Chain Pasteur strengthens bridge verification

BEP-682 changes how BSC verifies light blocks submitted through cross-chain infrastructure. Before Pasteur, the verification process did not explicitly reject duplicate entries in a submitted validator list.

BNB Smart Chain has activated the Pasteur hard fork on its mainnet, completing a set of protocol changes designed to close weaknesses in bridge verification and validator authorization—while also aiming to pack more transactions into each block.

BNB Chain said in a Tuesday announcement that Pasteur is now live, combining three BNB Evolution Proposals (BEPs) without altering BSC’s already established 450-millisecond block time. The upgrade focuses on tighter validator handling for cross-chain operations, safer staking and governance mechanics, and a new approach to block construction during periods of network congestion.

Key takeaways

• Pasteur is live on BNB Smart Chain mainnet, tightening bridge verification and validator authorization to reduce approval and voting ambiguities.
• BEP-682 blocks duplicate validator entries during cross-chain light-block verification, improving bridge approval correctness.
• BEP-695 strengthens protections around validator key rotation, slashing, and governance voting controls.
• BEP-675 introduces a new block-building route that lets builders submit blocks after executing transactions, while validators verify and sign before final execution checks.
• BNB Chain reports an ~88% throughput increase in QANet tests, while average gas per block rose—though the team stresses these are controlled test results, not mainnet measurements.

What Pasteur changes on BSC mainnet

Pasteur brings together three protocol upgrades—BEP-682, BEP-695, and BEP-675—addressing both security and performance bottlenecks.

According to BNB Chain, BEP-682 is designed to prevent validators from being counted more than once during cross-chain light-block verification, a change intended to make bridge approval logic more robust. BEP-695 then targets the security surface around validator lifecycle operations: it updates controls tied to validator key rotation, slashing, and governance voting so that older validator authority cannot be improperly reused.

BNB Chain also said BEP-695 blocks restricted addresses from participating in voting, a targeted governance hardening that can reduce the chance of unauthorized influence during decision-making processes.

The third component, BEP-675, changes how block proposers and validators coordinate around transaction execution. Instead of forcing validators to perform repeated work inside the tight block-production window, the new route is meant to ensure execution can be handled more efficiently without sacrificing consensus verification.

Why the new block-building route matters

Under BSC’s prior block-building approach, the builder carried out transaction execution first and then submitted a proposed block to validators. Validators, before signing, would execute transactions again to confirm the block’s contents—work BNB Chain says can take time away from execution capacity inside BSC’s 450-millisecond block window.

BNB Chain argued that when blocks are hard to assemble within that short interval, blocks can end up underfilled during busy periods. Pasteur’s change is intended to reduce that waste.

BEP-675 allows builders to submit blocks they have already executed. In this flow, validators check the proposed block against consensus rules and then sign and broadcast it. BNB Chain says validators then complete full execution verification afterward—separating consensus validation from the final execution checks to better fit the timing constraints of BSC block production.

Importantly, BNB Chain said the network does not force a single method: builders can still use the older route where validators execute transactions before signing, preserving compatibility for existing operational practices while enabling the new path when it is beneficial.

Throughput gains in QANet tests, with higher block gas

BNB Chain supported the performance motivation for BEP-675 with internal testing on QANet, described by the team as a controlled environment intended to mirror BSC’s geographically distributed validator setup.

In those tests, BNB Chain reported throughput increasing by about 88%, from 1,237 to 2,324 transactions per second when using the updated block-building route. At the same time, average gas used per block rose from 46.35 million to 84.15 million. BNB Chain said the block interval and the 100-million gas limit remained unchanged.

The network team cautioned that these results were generated under controlled test conditions and were not direct mainnet measurements. Still, the pattern is directionally useful for operators and developers: the upgrade is not only about shifting workloads between builders and validators—it’s also about enabling blocks to carry more real transaction load during peak demand.

Pasteur arrives after BSC’s earlier block-time reductions

Pasteur also fits into a broader sequence of BSC upgrades aimed at reducing block times and improving operational efficiency. Earlier changes included the Maxwell hard fork, which BNB Chain says reduced average block time from 1.5 seconds to roughly 0.8 seconds in June 2025. The follow-up Fermi upgrade then brought the network down further to the current 450-millisecond cadence.

With block intervals already compressed substantially, the logic behind Pasteur’s design becomes clearer: when blocks must be produced rapidly, redundant validator-side work can become a limiting factor. Pasteur’s new builder-to-validator execution handoff is aimed at keeping consensus verification within the schedule while still performing full execution checks.

For investors and users, the practical implication is that the chain’s scaling effort is increasingly about operational fit—making the most of a fixed block time—rather than changing core time parameters again.

What to watch next after the fork

With Pasteur now live, the key items for participants are how BSC’s validator set and block-building actors adopt the new route under real network conditions, and whether the observed test gains translate into measurable improvements on mainnet during high-traffic periods. Equally important will be monitoring whether bridge verification and governance participation behave as intended with the new validator authorization and voting restrictions in place.

Standard Chartered Bank Hong Kong became the first bank to distribute HKDAP on Aug. 24, giving eligible institutional clients and partners access to Hong Kong’s first live regulated local-currency stablecoin.

Anchorpoint Financial issues HKDAP, short for “HKD At Par,” under licence FRS01 from the Hong Kong Monetary Authority. Standard Chartered is Anchorpoint’s largest shareholder and established the company with HKT and Animoca Brands.

Hong Kong granted two stablecoin issuer licences in April, one to Anchorpoint and another to HSBC. That distinction is important: the regulator licensed two issuers, but HSBC had not publicly launched its stablecoin when Standard Chartered announced its distribution service.

Standard Chartered adds a bank channel for HKDAP

Standard Chartered joins HashKey Exchange and OSL as an authorized HKDAP distributor. HashKey and OSL began offering beta access earlier in August, before Standard Chartered became the first conventional bank to join the distribution network.

Eligible clients can use authorized distributors to convert Hong Kong dollars into HKDAP and redeem the tokens for fiat currency. Access remains limited to institutions, corporate customers and professional investors during the current phase.

As previously reported, Anchorpoint launched HKDAP through a phased institutional rollout. HashKey subsequently completed an initial minting and redemption transaction for approved clients.

HKDAP operates on Ethereum and is intended to maintain a value of HK$1 per token. Hong Kong’s Stablecoins Ordinance requires licensed issuers to maintain adequate reserves, segregate those assets and process redemptions at par.

Anchorpoint’s published figures showed 522,000 HKDAP in circulation as of Aug. 19. That limited supply reflects the project’s controlled beta status rather than broad consumer adoption.

HKDAP will target tokenized fund settlement

Standard Chartered plans to introduce subscription and settlement services for tokenized money market funds during the fourth quarter. The bank said it would work with international and Hong Kong asset managers.

A stablecoin can provide the cash side of a tokenized fund transaction on the same blockchain infrastructure used to record the fund units. This can reduce the timing gap between transferring an investment and completing its payment.

Standard Chartered said the service could support faster settlement, but the bank has not named participating managers or disclosed expected transaction volumes.

The project builds on the bank’s existing tokenization work. Standard Chartered already provides infrastructure for China Asset Management Hong Kong’s tokenized money market fund and previously tested tokenized deposit settlement through the HKMA’s Project Ensemble.

The bank will also test HKDAP for transfers between companies within its group. Further proposed applications include cross-border payments, treasury management and transfers outside conventional banking hours.

Those uses remain pilots or planned services. Standard Chartered has not announced a commercial launch date beyond the Q4 target for tokenized fund subscriptions and settlement.

Hong Kong licensed two stablecoin issuers

The HKMA awarded its first licences to Anchorpoint and HSBC on April 10 after receiving 36 applications. The regulator has said it will remain selective when considering further approvals.

Anchorpoint adopted a business-to-business-to-consumer distribution model. Instead of serving every holder directly, it works with regulated banks, exchanges and commercial partners that provide access and fiat conversion.

In related coverage, HashKey became an authorized distributor for institutional HKDAP access. OSL also provides distribution, liquidity and conversion services during the beta period.

The HKMA has warned investors about unrelated tokens using the HKDAP name. Its April warning said tokens carrying HKDAP or HSBC tickers were circulating without connections to the licensed issuers.

Users must therefore verify contract addresses and access the stablecoin through Anchorpoint’s authorized channels.

Independent review raises contract questions

Security researcher Yajin Zhou published an independent review of HKDAP’s Ethereum contract after its beta launch. The analysis questioned elements of its custom approval, upgrade and access-control architecture.

The review claimed some compliance controls did not operate as expected, but the findings were not an HKMA enforcement determination or confirmed exploit.

No theft or loss was identified in the review. Anchorpoint had not published a detailed public response to the findings at the time of writing.

The next measurable developments will be named asset-manager partnerships, actual fund settlement transactions and updated reserve disclosures. Anchorpoint has also said wider access, including a possible retail expansion, may arrive by the end of 2026, subject to market conditions and regulatory requirements.

Strive, the Nasdaq-listed firm known for a corporate Bitcoin treasury program, bought 1,110 Bitcoin for roughly $81.5 million in the week of Aug. 17–Aug. 21, according to a filing with the US Securities and Exchange Commission. The purchases brought its total holdings to 21,356 BTC.

In the same filing, Strive said it paid an average of $73,409 per Bitcoin (including fees and expenses) for the tranche acquired during that period. Cash and cash equivalents increased by $17.1 million to $171.9 million, while its Class A shares outstanding rose by 3.65 million to 79.89 million.

Key takeaways

• Strive added 1,110 BTC between Aug. 17 and Aug. 21, lifting total holdings to 21,356 BTC.
• The company’s average purchase price was $73,409 per BTC (with fees/expenses), versus Bitcoin trading near the $79,000 level on Monday.
• Strive’s latest buying strengthens its position among public corporate Bitcoin holders, moving it into the top tier tracked by BitcoinTreasuries.NET.
• Strive also reported improvements in liquidity (cash up $17.1 million) alongside share growth during the same reporting window.
• Separately, Strive’s SATA preferred shares returned to the company’s $99–$101 target range after trading near $83.30 in late June.

Another tranche adds to Strive’s corporate Bitcoin stack

The latest treasury update underscores how Strive continues to pursue a steady acquisition cadence. The SEC filing details that Strive paid $73,409 per BTC on average for the 1,110 coins purchased between Aug. 17 and Aug. 21.

That average cost was below the approximate $79,000 Bitcoin price level referenced on Monday in the company’s disclosure context, meaning the new buys were made at a discount to the market price at the start of the week. While the filing does not frame the transactions as a hedging strategy, investors generally focus on the relationship between treasury purchase prices and the prevailing spot market as a signal of how aggressively a company is adding during different market regimes.

BitcoinTreasuries.NET ranks Strive among the largest publicly traded corporate holders. Based on that site’s data, Strive moved to the seventh-largest position behind Bullish and ahead of SpaceX.

Why investors track Strive alongside its asset management business

Strive’s corporate treasury is only one part of its broader footprint. The company operates a Bitcoin-focused treasury strategy alongside an asset management business that, according to its own overview page, manages nearly $3 billion across exchange-traded funds and a direct-indexing platform.

The combination matters because it ties the company’s market positioning to both Bitcoin holdings and recurring business activity in capital markets products. For public-market investors, that dual exposure can influence how the equity trades: sentiment about corporate Bitcoin accumulation can amplify interest, while performance expectations for the asset management segment can affect overall valuation.

In addition to Bitcoin, Strive reported holding 505,000 shares of Strategy’s STRC preferred stock valued at $48.6 million as of Aug. 21, reflecting the cross-ecosystem nature of corporate Bitcoin finance. The disclosure also offers a reminder that corporate Bitcoin holders often maintain diversified positions across preferred structures, not just spot-equivalent BTC exposure.

SATA preferred shares return to the $100 target band

Beyond Bitcoin purchases, Strive’s filing and market commentary also draw attention to SATA, the company’s variable-rate perpetual preferred stock. SATA closed at $100.01 on Friday, returning to management’s targeted $99-to-$101 trading range after having fallen as low as $83.30 in late June.

Strive previously narrowed the trading range from $95–$105 to $99–$101 in March. The company also stated that it would not issue SATA through at-the-market or follow-on offerings below $100, a term designed to limit dilution at lower price levels and to support the intended trading band.

The instrument launched in November 2025, initially selling 2 million shares at $80 each for $160 million in gross proceeds. SATA’s structure includes a stated amount and an initial liquidation preference of $100 per share.

Operationally, Strive positions SATA as an income-oriented product, with a variable dividend rate intended to help keep the shares near $100. In April, the firm raised the annualized dividend rate to 13% and began switching from monthly to daily dividend payments starting June 16, per Strive’s SEC filings.

On Monday, SATA performance suggested renewed stability after a period of weakness. That pattern is important for investors who treat preferred shares differently from common stock: preferreds typically attract buyers seeking income characteristics, but their market price still depends on interest-rate mechanics, dividend expectations, and confidence that the issuer will maintain the design guardrails.

Cross-comparison with Strategy’s STRC and its BTC pause

Because SATA is similar to STRC, the variable-rate perpetual preferred stock issued by Strategy, many traders compare their pricing and dividend behavior. Strategy’s STRC was trading near $97 on Monday, below Strategy’s $100 target, while Strategy reported no Bitcoin purchases for the week ended Aug. 23, according to earlier coverage.

That contrast highlights a potential asymmetry in corporate accumulation behavior: Strive continued buying into the Aug. 17–Aug. 21 window, while Strategy’s most recently reported week showed no purchases. Even without making assumptions about future timing, investors typically watch for whether pause periods broaden or remain temporary—especially because accumulation schedules can affect how markets price treasury companies’ future cash flows, dividend capacity, and balance-sheet momentum.

Strive’s SATA returning toward its target band adds another layer to those comparisons. When preferred instruments track toward their $100 reference points, it may reinforce confidence in the issuer’s dividend-setting framework, even as the underlying Bitcoin market fluctuates.

Looking ahead, investors should monitor two things closely: whether Strive’s BTC purchasing pace continues across the next reporting windows, and whether SATA sustains its return to the $99–$101 band as dividend mechanics respond to broader market conditions. The next few filings should also clarify if corporate accumulation and preferred-share stabilization remain aligned—or diverge.

BNB Smart Chain (BSC) activated its Pasteur hard fork on Tuesday, closing bridge verification and validator authorization gaps while introducing a new route intended to fit more transactions into each block. 

In a Tuesday post, BNB Chain confirmed that Pasteur was live on the BSC mainnet. The team said the upgrade strengthens the network’s bridge, staking and governance security while giving blocks more capacity without changing its 450-millisecond block time. 

The upgrade combines three BNB Evolution Proposals. BEP-682 rejects duplicate validator entries during cross-chain light-block verification, while BEP-695 tightens controls involving validator key rotation, slashing and governance voting. Furthermore, BEP-675 changes how specialist builders submit blocks to validators.

The upgrade prevents validators from being counted more than once in bridge approvals, removes authority from old validator keys and blocks restricted addresses from voting, while aiming to fit more transactions into blocks during busy periods. 

Pasteur targets fuller blocks

Under BSC’s previous block-building route, a builder executed transactions before submitting a proposed block, and the validator executed them again before signing it. BNB Chain said the repeated work took time away from builders operating within the network’s 450-millisecond block window, sometimes leaving blocks underfilled. 

BEP-675 allows builders to submit blocks they have already executed. Validators check the proposed block against consensus rules, sign and broadcast it, then complete full execution verification afterward. Builders can also continue using the previous route, under which validators execute transactions before signing. 

Related: BNB Chain pursues legal action after ex-employee’s memecoin launch

In tests conducted on QANet, an internal environment designed to mirror BSC’s geographically distributed validators, the new route increased throughput by about 88%, from 1,237 to 2,324 transactions per second. Average gas used per block rose from 46.35 million to 84.15 million while the block interval and 100-million gas limit remained unchanged. 

BNB Chain cautioned that the figures came from a controlled test workload and were not mainnet measurements. 

Pasteur follows previous upgrades centered on reducing block times. BSC’s Maxwell hard fork reduced its average block time from 1.5 seconds to about 0.8 seconds in June 2025, while BNB Chain said the subsequent Fermi upgrade brought it down to 450 milliseconds. 

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