A political action committee tied to crypto industry heavyweight Fairshake has spent more than $2 million on ads targeting an early Democratic primary in Florida’s 24th congressional district, according to Federal Election Commission (FEC) records.

Coinbase and Ripple Labs have been identified as primary backers of Fairshake, and Protect Progress PAC—an affiliate described as operating in line with the group’s political strategy—has directed the funds against Democratic candidate Oliver Gilbert while the state’s primary field was still taking shape.

Key takeaways

• FEC records show Protect Progress PAC spent more than $2 million on ads opposing Democrat Oliver Gilbert in Florida’s 24th district.
• The PAC’s timing appears aimed at a Democratic primary where major candidates had not publicly staked out prominent positions on digital assets before the ad push.
• Gilbert and his allies have criticized the ads as misleading, while Fairshake-linked messaging argues the underlying claims are accurate.
• The spending is part of a broader pattern of crypto-focused political advertising ahead of the next Congress.

Protect Progress PAC targets a Florida Democratic primary

As of Tuesday, FEC filings for Protect Progress PAC indicated it had spent over $2 million on media opposing Oliver Gilbert in Florida’s 24th congressional district. The race pits candidates for a seat currently held by Representative Frederica Wilson.

FEC-linked reporting highlighted a notable aspect of the timing: no candidate in the Democratic primary was described as having taken a clear, prominent public position on digital assets prior to Protect Progress’s involvement.

Wilson has endorsed Gilbert. The incumbent has also been associated with legislation opposed by critics in the crypto policy space, including the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Endorsements, questionnaires, and “strongly supports” ratings

Among the Democratic field, Shevrin Jones—a Florida state senator and a Democratic candidate who, according to an early August poll, had been ahead of Gilbert—has completed a questionnaire with Stand With Crypto.

Following the questionnaire, Stand With Crypto assigned Jones a “strongly supports” rating, according to the advocacy organization’s public materials. That rating places him closer to the preferences of crypto-focused political actors than the campaign trail appears to have shown for Gilbert before Protect Progress’s spending entered the race.

Gilbert disputes the ads while Fairshake says claims are accurate

According to reporting, Gilbert said the advertising campaign was driven by “Donald Trump’s tech billionaire buddies,” characterizing the effort as a bid to influence a Democratic primary. He also alleged that “crypto con artists” were behind the ads.

The ad content included fabricated Miami Herald-style headlines that were not tied to reported policy positions on digital assets, a detail that has raised skepticism among opponents of the PAC’s approach.

Fairshake spokesperson statements, provided to Cointelegraph, pushed back on the characterization. The spokesperson said: “The facts are the facts, and, as the Miami Herald stated, the underlying facts in our ad are true.” The spokesperson did not address the specific rationale for the level or timing of the PAC’s expenditures.

Cointelegraph reports it reached out to Gilbert’s campaign for comment but did not receive an immediate response.

Spending fits a wider cycle of crypto-linked political advertising

This Protect Progress activity comes as Fairshake and its affiliates continue to deploy large sums across federal primaries and general election races. Cointelegraph previously reported that Fairshake held a reported $193 million war chest as of January, and that the group has used affiliate organizations—such as Protect Progress and Defend American Jobs—to back candidates of different parties for the 2026 midterm elections.

In June, Cointelegraph reported that Protect Progress and related efforts had already “poured more than $82 million” into primaries and special elections using ads to influence voters, reflecting a sustained strategy rather than a one-off ad buy.

Further evidence of the breadth of this approach shows other spending during current federal nomination periods. On Tuesday, voters in Alaska, California, Florida and Wyoming were set to decide congressional candidates who would face off in November’s general election.

Cointelegraph noted additional Protect Progress spending: more than $150,000 on media supporting the re-election of Lois Frankel in Florida’s 23rd district.

For Defend American Jobs, Cointelegraph reported a combined $1.5 million across multiple races, including ads backing Representative Nick Begich in Alaska’s at-large congressional district, Republican candidate Sydney Gruters in Florida’s 16th district, and Representative Harriet Hageman for a Wyoming Senate seat.

What it signals for crypto policy politics ahead of the next Congress

The immediate question for voters in these primaries is less about day-to-day crypto market mechanics and more about which congressional candidates are positioned to advance or block crypto legislation. The Protect Progress ad strategy suggests crypto-aligned political groups are focused on reshaping candidate expectations early—before general-election coalition building locks in nominees.

There’s also a legislative timeline embedded in the broader political context. Cointelegraph reports that Congress is on recess until September, when the Senate is expected to vote on the CLARITY Act. For investors and industry participants watching regulatory direction, the selection of committee-minded candidates during primaries can be as consequential as the final votes themselves.

Readers should watch how subsequent FEC updates evolve—especially whether Protect Progress’s Florida spend expands into other races—and whether the outcome of the 24th district primary changes the balance of candidates most publicly aligned with digital-asset policy priorities.

Bitway token extended its seven-day gain beyond 100% on Aug. 18, trading near $0.37 as reward campaigns drew demand, but overbought conditions and concentrated liquidation levels raised the risk of a sharp reversal.

According to data from CoinMarketCap, the BTW rally followed the introduction of Bitway’s incentivized decentralized traditional finance staking program on Aug. 13. The program offered an 8% base annual percentage rate paid in Tether (USDT), plus a further 4% return in platform points.

Binance Wallet’s Bitway Booster Season 4 added another catalyst by offering more than $200,000 in bonus APR rewards. The combination encouraged holders to deposit BTW into supported products while bringing new attention to the token.

BTW rose from below $0.20 at the start of the seven-day period to an Aug. 17 peak near $0.44 on Bitget. The token subsequently pulled back but recovered to approximately $0.37 by the time of writing.

Bitway price holds most of its weekly advance

The daily chart shows BTW accelerating after moving above $0.10 in early August. Buyers then cleared $0.20 and $0.30 in quick succession before the price briefly crossed $0.40.

BTW traded around $0.374 on Aug. 18, up approximately 4.5% during the current daily session. The rebound followed an intraday decline to $0.340, showing that buyers remained active below $0.35.

Price also remained far above all three moving averages shown on the chart. The 20-day moving average stood at $0.2136, while the 50-day and 100-day averages were near $0.1252 and $0.0860, respectively.

Their bullish alignment confirms that the broader trend remains upward. However, the wide distance between the market price and the 20-day average shows that BTW has advanced much faster than its recent baseline, leaving it vulnerable to profit-taking.

Daily RSI stood at 76.85, with its signal average at 78.05. Readings above 70 generally indicate overbought conditions, although a token can remain overbought during a strong momentum rally.

Reward campaigns helped drive the 100% rally

BTW’s advance developed while Bitcoin and several large altcoins struggled to build momentum. Project-specific incentives therefore appear to have played a larger role than broad crypto market strength.

The USDT-denominated portion of Bitway’s staking offer may have been particularly attractive because it gives participants a return in a stablecoin rather than paying the entire yield in BTW. Locking tokens in staking products can also reduce immediately available supply, though the available charts do not establish how much BTW was removed from exchanges.

Trading activity increased alongside the price move, according to the CoinMarketCap update supplied for the analysis. However, the speed of the rally means continued gains may depend on fresh participation after the promotional campaigns end.

BTW’s valuation also presents a longer-term concern. CoinMarketCap data cited in the market update placed its circulating capitalization near $974 million and its fully diluted valuation around $3.59 billion. Such a gap may expose holders to future dilution if additional tokens enter circulation.

BTW needs to break $0.40 to continue higher

The 4-hour chart gives buyers a clearer near-term test. BTW was trading at $0.374, above the Bollinger Band midpoint at $0.341 but below the upper band at $0.403.

A sustained move through $0.40–$0.403 would show that buyers have absorbed supply around the latest rebound high. Above that range, the previous wick near $0.44 becomes the next resistance level.

Crypto analyst Crypto With Gopal identified a falling wedge after BTW’s initial pullback and said a clean move above approximately $0.38 could open a route toward $0.46. Price has since tested the breakout area, but it has not yet confirmed the analyst’s higher target.

The 4-hour Chaikin Money Flow reading of 0.15 remained above zero. The indicator suggests buying pressure still exceeds selling pressure on that timeframe, supporting the rebound from the $0.34 area.

A close below the Bollinger midpoint near $0.341 would weaken the immediate setup. Further selling could expose the lower band around $0.279, with the daily chart’s former breakout region between $0.20 and $0.22 serving as a deeper support zone.

Liquidation levels could amplify the next move

CoinGlass’ one-week liquidation heatmap shows leveraged positions concentrated on both sides of the current price. The closest overhead clusters appear around $0.38–$0.39, followed by a denser group between approximately $0.42 and $0.44.

A move above $0.40 could force bearish positions to close and help carry BTW toward the upper cluster. Such a move would place the token near its recent high and the $0.46 target cited by Crypto With Gopal.

The largest visible downside liquidity pool sits around $0.30–$0.31. Additional concentrations appear near $0.28 and between $0.23 and $0.25.

Liquidation maps identify areas where leveraged positions may be forced to close, but they do not guarantee that price will visit those levels. In BTW’s case, the dense liquidity below the market shows how quickly a pullback could deepen if buyers stop defending $0.34.

Can the Bitway rally last?

BTW retains a bullish structure while it trades above $0.341, and positive 4-hour capital flow supports another attempt at $0.40. A confirmed break above $0.403 could bring $0.44 and $0.46 into view.

The rally nevertheless carries elevated risk. Daily RSI is overbought, the price is stretched far above its moving averages, and the token has already experienced large intraday swings. Failure to hold $0.34 could shift attention toward $0.30 and then $0.28.

US investors should also consider venue access and liquidity before trading BTW. The chart uses Bitget pricing, while availability, spreads, and execution may differ across platforms accessible in the United States.

Bitway’s promotional incentives explain part of the latest demand, but lasting strength will require buying activity after the initial reward-driven rush fades. The next decisive signal will come from whether BTW converts $0.40 into support or loses the $0.34 floor.

Metaplanet has agreed to invest 2,100 Bitcoin and $2.5 million in Nasdaq-listed Super League Enterprise, securing a 95.7% stake and creating a U.S. Bitcoin treasury company called Superplanet.

According to a joint company announcement published on Aug. 18, the proposed private placement will give Metaplanet 44,859,400 newly issued Super League shares at $3 each, along with preferred stock and warrants.

The initial investment is valued at about $134.6 million, based on Bitcoin’s closing price on Coinbase at 4 p.m. New York time on Aug. 14. Metaplanet said the share count has been fixed and will not change with Bitcoin’s price before the transaction closes.

Once the deal is complete, Metaplanet will own about 95.7% of Superplanet’s outstanding common stock. Its ownership would stand at approximately 93.6% if Super League’s existing pre-funded warrants are exercised.

Metaplanet will control Superplanet through several securities

Along with the common shares, Metaplanet will receive 100 shares of convertible perpetual preferred stock carrying voting rights. The preferred shares will allow the Japanese company to appoint a majority of Superplanet’s directors.

Metaplanet will also receive 10-year warrants covering up to 381 million common shares across four tranches. Exercise prices will range from $3 to $33.50 per share, according to the announcement.

Evo Fund, another investor in the transaction, will separately receive warrants for up to 10 million common shares through two tranches. The companies said the securities will be issued near Super League’s Aug. 17 closing market price rather than through discounted third-party financing.

For 24 months after closing, Metaplanet will have the right to purchase as many as 2.1 million shares of non-convertible junior liquidity preferred stock. Each share will carry a stated value of $100, giving Metaplanet the option to invest another $210 million.

Common shares issued to Metaplanet at closing, through warrant exercises, or from converting its preferred stock will carry a five-year lock-up. The restriction prevents Metaplanet from quickly selling the controlling position after the transaction.

Super League will retain its existing advertising and playable-media operations as a separate business segment. Matthew Edelman, its current chief executive, will lead Superplanet, while Metaplanet will choose the board chairman.

Five of the nine initial directors will be appointed by Metaplanet, including CEO Simon Gerovich, Frederick Towfigh, and John H. Whitehouse III. Four current Super League directors, including Edelman, will remain on the board.

Superplanet will give Metaplanet access to US capital

Operating as a Nasdaq-listed company under the proposed ticker SUPA, Superplanet will provide U.S. investors with equity exposure to a company expected to hold 2,100 BTC at closing. Super League’s established operating business will continue generating revenue alongside the Bitcoin treasury.

Metaplanet said Superplanet will raise funds in the United States while the parent company continues to use Japanese capital markets. Bitcoin held by Superplanet will remain within the consolidated group and appear in Metaplanet’s consolidated financial statements.

Gerovich described the structure as a way to operate through two listed platforms.

“We’ve built one of the world’s largest Bitcoin treasuries from Japan. Superplanet is how we build in America, the deepest capital market in the world,” Gerovich said.

The chief executive added that Metaplanet is contributing its own Bitcoin, accepting a five-year share lock-up, and supporting the U.S. company with its balance sheet and capital-markets experience.

Superplanet expects to use its Bitcoin as a collateral base for possible perpetual preferred stock offerings. According to the companies, non-convertible preferred securities could raise permanent capital without increasing the number of common shares, though any future issuance would depend on financing decisions made after closing.

Metaplanet said that capital raised without issuing additional common stock is expected to increase Bitcoin per common share at Superplanet. Because Metaplanet will consolidate the U.S. subsidiary, management expects such financing to increase the Bitcoin attributable to each Metaplanet share as well.

Any future Superplanet preferred shares would rank ahead of Metaplanet’s common stock, preferred stock, and warrants in the subsidiary. Operating income and other cash flows that do not require issuing common shares could be used to service preferred dividends, according to the announcement.

The deal uses 4.9% of Metaplanet’s Bitcoin

The 2,100 BTC contribution represents about 4.9% of Metaplanet’s reported 43,000 BTC treasury. After the transaction closes, the coins will remain part of the consolidated group rather than being sold to an outside buyer.

In July, crypto.news previously reported that Metaplanet added 2,823 BTC, lifting its holdings to 43,000 BTC. The company bought the batch at an average price of 12.7 million yen per coin, while its total average acquisition price rose to about 15.3 million yen per BTC.

Questions over the balance resurfaced in August after 5,014 BTC moved between company-linked addresses. Gerovich later confirmed no sale had occurred, describing the movement as a routine transfer between custodians and keeping the reported treasury at 43,000 BTC.

Metaplanet’s first-half results showed net sales rising 133.7% year over year to 4.94 billion yen, while operating profit increased 136.3% to 3.33 billion yen. At the same time, the company recorded a 182.77 billion yen net loss, mainly because of a 184.30 billion yen non-cash Bitcoin valuation loss.

The balance sheet held 418.18 billion yen in total assets and 340.88 billion yen in net assets as of June 30. Metaplanet had also drawn $414 million from a $500 million credit facility backed by Bitcoin, according to figures included in its interim results.

Days before announcing Superplanet, the company launched its BitBonds program through a 200 million yen private placement. The first bonds carry interest rates between 4% and 4.3%, adding another funding channel to Metaplanet’s treasury operations.

Super League stock surges after the announcement

Super League shares reacted sharply during U.S. trading on Aug. 18. SLE opened at $6.23 after closing the previous session at $3.02 and reached an intraday high of $6.85, representing a gain of about 127% at the session peak.

The stock later traded at $4.68, up about 55%, as volume climbed above 36.9 million shares. The move followed a period of steep losses for SLE, which had fallen more than 90% over the previous 12 months before the Metaplanet announcement.

Metaplanet shares closed 5.07% higher at 228 yen in Tokyo, having traded between 224 yen and 238 yen during the session. Trading volume remained below its reported average of roughly 22 million shares.

Meanwhile, Bitcoin traded near $64,650, up about 1.2% over 24 hours, after moving between an intraday low of $63,773 and a high of $64,926.

The companies expect the transaction to close in the fourth quarter of 2026, subject to approval from Super League shareholders, required Nasdaq filings, customary closing conditions, and applicable regulatory procedures in the United States and Japan.

Crypto payment card spending has jumped 2.5 times from a year earlier to reach $759 million in July, supported by nearly 9 million purchases settled mainly through dollar-backed stablecoins.

A16z crypto reported the figures using data from Paymentscan, which tracks payment activity linked to crypto card programs across several blockchains.

The monthly total has climbed from less than $1 million in October 2023, when Paymentscan began tracking the market, to more than three-quarters of a billion dollars. Card purchase counts have risen alongside spending, reaching nearly 9 million in July from about 5.2 million during the same month last year.

According to the report, the two measures produced an average purchase value of roughly $86. Paymentscan’s data covers on-chain activity that it can connect to individual card programs, although the dataset handles its largest program differently.

RedotPay, which generated the most volume among tracked issuers, self-reported its spending rather than having the transactions directly observed on-chain. A16z identified the distinction in its methodology, making RedotPay’s numbers dependent on information supplied by the company.

Crypto card spending has moved toward dollar stablecoins

USDC handled about 58% of crypto card spending in July, while USDT accounted for another 26%, according to Paymentscan. One year earlier, their respective shares stood at approximately 48% and 7%, meaning USDT recorded the larger increase over the period.

Together, the two dollar-backed tokens processed 84% of the card volume tracked in July. The figures correspond with separate Visa data showing USDC has taken a large share of payment-related stablecoin activity.

In June, USDC processed about $1.21 trillion of the $1.79 trillion in adjusted stablecoin transfers recorded by Visa’s on-chain analytics dashboard, while USDT handled approximately $576 billion. As crypto.news previously reported, adjusted transfer volume rose 63% from May and 125% from June 2025, even as the stablecoin market’s total value declined by $7.7 billion.

Euro-backed tokens have lost their early lead in the card segment. A16z said EURe settled close to 88% of card spending in early 2024, much of it through Gnosis, but its share had fallen to around 2% by July.

The change in token use occurred as card issuers added support for more blockchains and dollar-backed assets. Paymentscan’s figures showed that USDC’s share gained about 10 percentage points over the past year, while USDT’s share increased by about 19 points.

Optimism leads crypto card settlement by chain

Optimism processed approximately 29% of tracked crypto card spending in July, placing it ahead of Solana and Base, which each carried about 19%, Paymentscan data showed. Gnosis accounted for about 2% after serving as the main settlement chain during the market’s early stage.

Gnosis Pay helped produce that initial concentration by introducing what a16z described as the first Visa card connected directly to a self-custodial wallet. As more issuers entered the market, settlement activity spread across networks offering different payment and wallet infrastructure.

Solana’s share also comes as payment providers release cards that use the network for stablecoin transactions. In May, Solayer introduced a Visa card that lets customers spend USDC from the Solana-based Solayer InfiniSVM network. The Solayer card launch followed the opening of Visa and Bridge’s stablecoin card program in 18 countries.

Base, an Ethereum layer-2 network developed by Coinbase, matched Solana’s 19% share in the Paymentscan dataset. Optimism and Base together processed nearly half of the measured volume, while Gnosis’ share fell as EURe use declined.

Crypto cards connect stablecoin balances with Visa merchants

Crypto payment cards allow customers to hold stablecoins with a card provider or keep them in a supported self-custodial wallet, depending on the product. At checkout, the service converts the digital assets into the merchant’s local fiat currency and sends the payment through an established card network.

A16z said merchants generally receive the transaction in the same form as a standard card payment, removing the need for them to directly accept or manage crypto. Customers can use the product wherever the supporting card network operates, while the issuer handles the conversion and settlement process.

Some programs also provide access to dollar-denominated balances without requiring users to maintain a conventional bank account. Custodial services hold the stablecoins for the cardholder, whereas self-custodial products allow customers to retain control through an on-chain wallet until funds are used.

Morph introduced another self-custodial model in August, although its product focuses on direct business payments instead of card spending. The non-custodial payment platform lets businesses and freelancers receive USDC and USDT directly into their wallets through invoices and payment links.

Paymentscan’s tracked card programs used Visa almost exclusively, according to a16z. Despite the increase to $759 million, the report noted that crypto cards remain small compared with established card networks, which process trillions of dollars each month.

U.S. rules are shaping dollar-backed payment tokens

For U.S. users, crypto cards combine a conventional card transaction with a stablecoin issued and managed under a developing federal framework. The GENIUS Act, signed into law in July 2025, established federal standards for payment stablecoin issuers, including requirements tied to reserves, redemption, and supervision.

In February, the Office of the Comptroller of the Currency proposed rules to implement parts of the law. The OCC stablecoin proposal covered reserve composition, liquidity, redemption procedures, capital treatment, and federal oversight of approved issuers.

Visa has continued to build services around several stablecoins rather than committing its payment network to one token. During the company’s July 28 earnings call, CEO Ryan McInerney described its strategy as “multi-coin, multi-chain” and said Visa’s role was “not to pick winners.”

The card company also supports Open USD, a planned stablecoin backed by a consortium of more than 140 companies, while maintaining connections with existing tokens and settlement products. Visa introduced a platform in July that gives banks, fintech companies, and crypto firms access to stablecoin minting, burning, storage, and transfer tools.

Earlier in 2026, Visa and Stripe-owned Bridge announced plans to offer stablecoin-backed cards in more than 100 countries by the end of the year. Their program allows customers to spend stablecoin balances at more than 175 million Visa merchant locations, with Lead Bank supporting on-chain settlement for the cards.

An Aug. 19 White House meeting involving at least six crypto and prediction-market firms has brought institutional settlement into focus as Lynq CEO Jerald David warns that regulation cannot make cash and collateral move around the clock.

Lynq CEO Jerald David told crypto.news that clearer rules would remove only one barrier facing financial institutions as digital assets, tokenized securities, and traditional markets become more closely connected.

Once an institution completes a trade, it must still fund the position, deliver cash, and move any required collateral. According to David, each step becomes more difficult when firms use several exchanges, counterparties, and forms of money across markets that remain open overnight and through weekends.

“I think regulation is obviously a big part of the conversation, but for institutions there is a very practical layer underneath it,” David said.

The comments come before a reported White House meeting involving crypto companies, prediction-market operators, regulators, and traditional financial firms. As previously reported in August, Coinbase, Ripple, a16z, Chainlink, Paradigm, and Kalshi are among the expected participants.

President Donald Trump, SEC Chair Paul Atkins, and CFTC Chair Michael Selig may also participate, according to people familiar with the plans. Neither the White House nor the regulators had published a formal participant list or detailed agenda when the meeting was reported.

Crypto regulation leaves an operational problem unresolved

Washington’s attention has centered on rules governing issuers, trading platforms, and the agencies responsible for supervising digital assets. David said institutions face another problem beneath the legal framework because funding and settlement systems do not always follow the hours kept by crypto markets.

“Once you make a trade, you still have to fund it, move collateral and settle it. That sounds straightforward, but it gets much harder when you are dealing with multiple venues, counterparties and different forms of money, especially in markets that trade around the clock.”

Crypto exchanges commonly remain open 24 hours a day, including weekends and public holidays. Many banking and securities systems, however, rely on business-day schedules, cutoff times, and separate settlement processes.

According to David, the difference can leave an institution able to enter a trade while lacking immediate access to the cash or collateral needed to complete it. Firms may respond by keeping funds at several venues, although doing so can leave capital unused and increase exposure to individual counterparties.

At the same time, different forms of digital money are entering institutional markets. Stablecoins, tokenized bank deposits, tokenized money-market funds, and conventional bank balances can perform separate roles, but David said institutions need systems that let value move between counterparties when a payment or margin call becomes due.

US rules are progressing faster than settlement systems

The US Treasury added another part of the regulatory framework on Aug. 17 by proposing rules for Section 3 of the GENIUS Act. The proposal would define when a payment stablecoin is issued in the United States and when a digital asset company offers or sells one to a US customer.

Under the proposal, companies would generally need an appropriate federal or state license to issue payment stablecoins in the country from Jan. 18, 2027. From July 18, 2028, digital asset service providers would generally be barred from offering payment stablecoins to US customers unless a licensed issuer issued them.

The department has opened a 60-day public comment period after publication in the Federal Register. A recent Treasury rules report covered how the definitions would also affect foreign issuers and platforms making their tokens available in the United States.

Treasury’s proposal addresses who may issue and distribute payment stablecoins, but it does not create a common settlement network connecting every bank, exchange, broker, and custodian. David’s comments concern that separate operational layer, including the movement of money between regulated entities after a transaction has been agreed.

Federal Reserve infrastructure shows how operating schedules can differ. FedNow processes instant payments continuously for participating financial institutions, while Fedwire handles large-value bank transfers during defined operating windows.

The Federal Reserve says Fedwire currently runs for 22 hours per business day from Monday through Friday, excluding designated holidays. An expansion planned for 2028 or later will add Sundays and weekday holidays, but the service will continue to close for two hours each operating day and will not operate on Saturdays.

Tokenized markets increase demand for 24/7 collateral

Continuous settlement has become more important as US regulators consider allowing more traditional assets to trade on blockchain networks. An Aug. 17 report on the SEC’s tokenized trading plans said the agency was preparing a limited route through which qualified platforms could test round-the-clock trading in tokenized US stocks.

No final exemption, eligibility standard, or launch date has been announced. SEC officials have also maintained that putting shares on a blockchain does not remove them from federal securities laws or existing investor-protection requirements.

For settlement providers, extending trading hours creates a related demand for cash and collateral outside the normal business day. DTCC said in May that financial firms commonly maintain excess collateral and liquidity buffers because assets may not be available exactly when they are needed.

According to DTCC, tokenized collateral could allow firms to mobilize assets on demand instead of placing extra funds at several locations in advance. The market infrastructure provider has also worked with Chainlink on a system designed to support round-the-clock collateral management across traditional markets and blockchain networks.

A separate project involving BMO, CME Group, and Google Cloud shows how banks are approaching the same issue. As covered in March, BMO planned to let institutional clients convert US dollars into tokenized cash for derivatives, margin, and continuous settlement.

The full BMO service was scheduled for the second half of 2026, subject to regulatory approval. CME said the arrangement could let clients move tokenized cash for margin and collateral purposes without waiting for ordinary banking windows.

Pre-positioned liquidity carries costs and risks

David said mismatched operating hours can force institutions to place liquidity at every exchange or counterparty they expect to use. Money held in several locations may be unavailable for another trade, while direct exposure to a venue can increase if the institution must fund an account before executing transactions.

“So even if the regulatory framework becomes clearer, you still have this mismatch between how the market trades and how capital actually moves,” he said.

Lynq operates a private institutional network through tZERO Securities, an SEC-registered broker-dealer. According to the company, participants can make real-time transfers within the network, while client investments are maintained in segregated accounts and users complete know-your-customer and anti-money-laundering checks.

The company said in February that assets held through its platform had passed $89 million and that it worked with more than 30 institutional digital asset firms, including exchanges, custodians, market makers, and over-the-counter trading desks.

Lynq also introduced a collateral-lock feature in March that allows users to designate assets as collateral without transferring them away from the network, according to the company. The feature prevents pledged assets from being used twice while allowing institutions to release and redeploy them after the related obligation ends.

Interstice Digital has introduced a non-custodial cross-chain swap engine designed to connect the Canton Network with major public ecosystems, including Ethereum and Solana, using FalconX as its liquidity layer. The company says the system can route token swaps across all four networks without Interstice holding users’ assets or submitting transactions on their behalf.

The announcement positions Canton—an institutional-focused blockchain with privacy and permissioning controls—as a place where tokenized assets can interact with broader liquidity available on public chains. While Interstice did not disclose which tokens are supported at launch or provide any transaction volume metrics, the integration adds another piece to Canton’s push to make tokenized finance more usable for market participants.

Key takeaways

• Non-custodial design: Interstice says it will not take custody or transact on users’ behalf.
• Cross-chain routing across major networks: Canton is set to be connected with Ethereum, Solana, and Robinhood Chain via FalconX.
• FalconX supplies liquidity for swaps: FalconX, described as a digital asset prime brokerage for institutions, underwrites the engine’s liquidity.
• Institutional tokenization momentum continues on Canton: Prior activity on the network includes tokenized US Treasuries and institutional stablecoin deployments.

How Interstice’s cross-chain swap engine is meant to work

According to Interstice’s announcement, the swap engine is built as a non-custodial mechanism. In practical terms, this means Interstice is not designed to hold user funds, and it is not presented as a service that executes trades on behalf of users. Instead, the engine is intended to enable cross-chain swaps while users retain control of their assets.

Liquidity is provided through FalconX, which the company describes as serving institutional investors through a prime-brokerage framework. The engine’s stated goal is to give users a path between tokenized assets on Canton—where institutional finance use cases have been expanding—and liquidity on public blockchains such as Ethereum and Solana.

Interstice did not specify which assets will be supported first. It also did not publish any swap volume figures tied to the engine, leaving market participants to assess adoption only after more operational details emerge.

Canton’s institutional focus: tokenized settlement and privacy controls

Canton Network is described as a blockchain built for institutional finance, emphasizing privacy and permissioning to align with regulated transaction needs. The network’s ecosystem includes major financial institutions, and several publicized projects suggest that Canton is moving beyond experimentation toward more established workflows for tokenized assets and settlement.

The swap engine’s relevance to investors and market participants is straightforward: the more a tokenized asset ecosystem can connect to external liquidity, the more practical it becomes for trading and hedging. Canton’s value proposition has largely centered on regulated tokenization and settlement. Interstice’s announcement attempts to address the next bottleneck—how those tokenized assets can interact efficiently with liquidity pools and trading venues on mainstream public chains.

Recent activity on Canton underscores the push toward tradable tokenized assets

The cross-chain swap engine arrives as traditional financial institutions increase their engagement with Canton-based tokenization and blockchain settlement.

In July, electronic trading platform Tradeweb executed an onchain US Treasury trade on Canton. In that transaction, Franklin Templeton transferred a tokenized Treasury security to Virtu Financial in exchange for tokenized cash. Tradeweb said it was the first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a USDC-backed stablecoin issued on Canton. Other participants included Societe Generale, Digital Asset, and Blockdaemon. Earlier coverage from Cointelegraph described the broader mechanics of that real-time flow, including how Tradeweb handled execution and price discovery while Canton synchronized settlement across the tokenized security and tokenized cash leg.

Beyond tokenized Treasuries, Societe Generale has also deployed euro- and dollar-denominated stablecoins on Canton for tokenized collateral, repo financing, and institutional settlement. Separate reporting noted that Visa tested private stablecoin settlement on the network, reflecting growing interest in privacy-preserving settlement models for stablecoins.

Additional initiatives mentioned alongside Canton’s ecosystem include a Japanese government bond collateral pilot involving Mizuho and Nomura, and S&P Dow Jones Indices placing its iBoxx US Treasuries Index on Canton. Collectively, these efforts suggest that Canton is building a portfolio of tokenized instruments—collateral, stablecoins, and indices—where cross-chain interoperability becomes increasingly valuable.

Why the FalconX liquidity layer matters—and what to watch next

Cross-chain swaps can look simple on paper, but liquidity is often the determining factor for whether users can actually execute trades without friction. Interstice’s decision to use FalconX as the liquidity provider signals an attempt to reduce that gap between tokenized assets on Canton and tradable liquidity on public chains.

Still, important details remain unclear. Interstice has not disclosed which specific assets will be supported first, nor has it offered any early metrics that would help gauge real-world demand or execution quality. For traders and institutions evaluating Canton’s expansion, those missing specifics will likely matter more than the headline functionality.

Going forward, market participants should watch for (1) the initial asset list and stablecoin or token types included in the swap routing, (2) operational transparency such as settlement behavior and failure modes, and (3) whether the engine’s integration leads to measurable increases in active liquidity or repeat settlement activity between Canton-based tokenized assets and public chain venues.