South Korea plans to conduct a 2027 pilot linking tokenized government bonds to its institutional central bank digital currency (CBDC) infrastructure, moving sovereign debt tokenization from a proposal to an official government timeline. 

On Tuesday, the government unveiled its 2026 Economic Growth Strategy for the Second Half, which includes the plan. In addition to assigning a date for the pilot, the strategy said authorities would study how to make the Bank of Korea’s (BOK) CBDC infrastructure interoperable with other blockchains, enabling a potential connection between external distributed ledgers and the bank’s permissioned system. 

The project would test whether South Korea’s wholesale CBDC, designed for use by financial institutions, can support capital markets infrastructure, rather than serving only as a digital payment instrument.

The document did not identify which bonds would be included, the size of the pilot, the participants, or which blockchain technologies would be used. It also did not provide specifics on whether the project would cover the initial issuance of government debt, secondary-market trading or only post-trade settlement. 

South Korea expands blockchain and tokenization agenda

The idea was first outlined publicly on July 1 by BOK Governor Hyun Song Shin during a panel at the European Central Bank Forum on Central Banking. Shin described government bonds as the “big prize” for tokenization and proposed bringing tokenized bonds, wholesale central bank money and tokenized commercial bank deposits onto a unified ledger as an extension of the BOK-led Project Hangang. 

The government strategy said the bond pilot would form part of a broader effort to promote a “blockchain economy.” Authorities plan to introduce measures in the second half of 2026 to support large-scale demonstrations and the development of technologies across the digital asset and blockchain ecosystem. 

The BOK said that faster, continuous settlement can transmit stress more quickly and introduce smart contract, liquidity and data oracle risks, as discussed in the paper at the ECB forum. It also said Project Hangang’s digital ledger and the central bank’s existing payment system do not yet communicate in real time.

Related: South Korea adds token securities to capital market overhaul

In addition to the pilot, the strategy called for broader measures to support the country’s blockchain and digital-asset industry, including legislation covering businesses and stablecoins. 

The bond pilot is expected to coincide with the rollout of South Korea’s regulated token securities market. Amendments recognizing distributed ledgers as valid securities registries are scheduled to take effect in February 2027. This allows regulated issuance and circulation of tokenized securities, including stocks, bonds and money-market products.

Magazine: Thai scammer’s $122M wallet, Japan embraces crypto credit: Asia Express

Doppler Finance and SBI Digital Finance have formed a strategic partnership to expand institutional XRP finance in Japan. 

The companies announced the agreement on July 13, saying they will work on digital asset infrastructure for professional market participants.

The partnership combines Doppler’s tokenized capital market systems with SBI Digital Finance’s institutional network and crypto lending experience. The announcement did not disclose financial terms, launch dates, named clients or a specific product ready for release.

Partnership targets institutional XRP infrastructure

Doppler and SBI Digital Finance plan to support infrastructure for XRP and other digital assets in Japan. Their stated work areas include institutional solutions for XRP, tokenized assets and wider tokenized financial markets, subject to applicable Japanese rules. The services could target banks, funds and professional trading firms.

The companies said institutional demand now reaches beyond custody. They expect market participants to seek systems for liquidity, financing, collateral management and better use of capital. The partnership focuses on those functions rather than retail trading or a new consumer XRP service.

SBI Digital Finance brings lending experience

SBI Digital Finance operates HashHub Lending, a Japan-based service for lending crypto assets. Doppler said the company brings market relationships, risk controls and operational experience that could support products designed for institutions.

Rox, Doppler Finance’s head of institutions, said the company aims to “transform digital assets from passive holdings into productive financial capital.” The statement presents that goal as a development plan. It does not confirm that institutions can already access a new XRP lending, yield or collateral product through the partnership.

Agreement extends Doppler’s work with SBI companies

The new agreement follows an earlier link between Doppler and another SBI business. In December 2025, SBI Ripple Asia and Doppler signed a memorandum to explore XRP-based yield infrastructure and real-world asset tokenization on the XRP Ledger. The partners selected SBI Digital Markets to provide institutional custody for that initiative.

The July partnership names SBI Digital Finance, a separate lending-focused company within the wider SBI network. Doppler has not explained whether the two agreements will share products, custody arrangements or customers. Both initiatives center on regulated infrastructure intended to give institutions more ways to use XRP and tokenized assets.

SBI expands Japan’s regulated digital asset network

Japan already hosts a broad SBI-led XRP ecosystem. As previously reported, SBI companies have supported regulated prepaid tokens on the XRP Ledger, RLUSD distribution, tokenized bonds with XRP rewards and other payment and investment services. The latest partnership adds lending and capital-market infrastructure to that wider activity.

SBI has also expanded its exchange and institutional market reach. The group moved to acquire Bitbank after SBI VC Trade absorbed Bitpoint Japan. Separately, SBI led EDX Markets’ $76 million funding round for institutional trading, clearing and settlement infrastructure.

Related activity has also drawn XRP-focused firms toward Japan. As reported by crypto.news, Evernorth recently opened a Japanese-language presence while pursuing a planned public XRP treasury. SBI committed $200 million to the proposed transaction, although Evernorth did not announce a new Japanese license, office or product.

The Doppler partnership remains at the development stage. Neither company identified lending rates, supported assets beyond XRP, collateral terms, custody providers or an expected launch window. Future announcements will need to define the services institutions can use and the regulatory approvals required in Japan.

Key takeaways

• Solana (SOL) has fallen below its 50-day Exponential Moving Average (EMA), signaling increasing bearish pressure.
• The MACD has turned bearish, while the Relative Strength Index (RSI) has dropped below the neutral level.
• Key support sits at $67.50, the level that previously sparked a rebound in late June. 

Solana (SOL) remained under pressure on Tuesday, extending its recent weakness as the token slipped below its 50-day Exponential Moving Average (EMA), a technical development that points to growing bearish momentum.

At the time of writing, SOL was trading below $75.00, remaining beneath both the 50-day EMA at $76.63 and the 200-day EMA at $97.65. The inability to reclaim these key technical levels suggests sellers continue to dominate the market.

Momentum indicators turn increasingly bearish

Technical indicators are signaling that bullish momentum is fading. The Moving Average Convergence Divergence (MACD) has crossed below its signal line, producing fresh bearish histogram bars that indicate strengthening downward momentum.

Meanwhile, the Relative Strength Index (RSI) has declined to 46, slipping below the neutral 50 mark. This suggests buying pressure is weakening while sellers gradually regain control of the market.

Together, these indicators reinforce the likelihood of continued downside unless market sentiment improves.

The most important support for Solana currently lies around $67.50. This horizontal support level previously triggered a notable rebound in late June and could once again attract buyers if selling pressure intensifies.

A decisive break below $67.50 would likely increase the risk of a deeper correction and could encourage additional bearish positioning.

For Solana to improve its short-term outlook, buyers must first reclaim the 50-day EMA near $76.63, which now serves as immediate resistance.

A sustained breakout above this level could open the door for a move toward the 200-day EMA around $97.65, where stronger selling pressure is expected to emerge.

Solana remains technically vulnerable after falling below its 50-day EMA, with bearish momentum indicators suggesting sellers remain in control. As long as SOL trades beneath its major moving averages, the risk of further downside persists. 

Traders will be closely watching the $67.50 support level, while any meaningful recovery will depend on the token reclaiming the 50-day EMA and restoring bullish momentum.

US-listed spot Bitcoin exchange-traded funds (ETFs) returned to outflows, reversing the previous week’s short-lived return to positive flows.

Spot Bitcoin ETFs recorded $424.66 million in net outflows on Monday, marking their biggest single-day withdrawal in July so far, according to SoSoValue data.

The latest outflow reversed last week’s $197.4 million new inflows, which had briefly ended an eight-week run of weekly withdrawals and raised hopes that institutional demand was recovering.

The renewed selling leaves ETF demand fragile after a record outflow month in June, even as some onchain data show large Bitcoin holders accumulating.

Bitcoin ETFs log $5.8 billion in net outflows this year

US spot Bitcoin ETFs have recorded roughly $5.8 billion in net outflows so far this year, with the latest withdrawals adding to a broader period of selling pressure.

June marked the largest monthly net outflow in history, with investors pulling $4.51 billion from the funds.

Daily flows in US-listed spot Bitcoin ETFs since July 1. Source: SoSoValue

Despite ongoing selling pressure, spot Bitcoin ETFs continue to hold significant investor assets, with total net assets standing at $74.79 billion and cumulative net inflows at $50.85 billion as of Monday.

Related: Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC

The funds first crossed the $50 billion cumulative inflow milestone in July 2025, about 18 months after launching in January 2024.

Bitcoin ETF reversal adds to uncertainty over market bottom

The failure of US spot Bitcoin ETFs to extend last week’s inflow streak adds to signs that investors remain cautious, with market observers divided over whether Bitcoin’s downturn is nearing an end or whether more losses are ahead.

CryptoQuant analyst Sunny Mom pointed to mixed signals in the market, with nearly $10 billion in outflows from US spot Bitcoin ETFs since Oct. 11, 2025, suggesting weak institutional demand, while the number of new Bitcoin whales has continued to grow.

Source: Kyledoops

“A definitive, broad-based market bottom has yet to be confirmed,” Sunny Mom wrote in an update on Thursday, noting that whale accumulation could help limit further downside but does not yet signal a sustained recovery.

Crypto Fear & Greed Index. Source: Alternative.me

Bitcoin traded at $62,589 at publishing time, roughly 30% below its level at the start of the year, according to CoinGecko data.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

Cathie Wood’s Ark Invest has increased its exposure to SpaceX with purchases worth about $52.1 million during the week ended July 10, while cutting positions in semiconductor, streaming and genomics companies as it continued adjusting its portfolios.

According to Ark Invest’s latest weekly trading disclosure, Space Exploration Technologies Corp. (SPCX) received the firm’s largest allocation by value across multiple exchange-traded funds.

Upbit will add Derive’s DRV token to its Korean won, Bitcoin and Tether markets on July 14.

Trading is scheduled to open at 17:00 Korea Standard Time, giving the onchain derivatives protocol access to South Korean traders. The details appear in Upbit’s official DRV listing notice.

The exchange said deposits and withdrawals will use the Ethereum network. Upbit also applies temporary limits on buy orders, low-priced sell orders and certain order types after new listings. These controls are designed to manage sharp price moves during the opening period.

DRV enters South Korea through three Upbit markets

The KRW pair gives local users a fiat market for DRV. The BTC and USDT pairs add two crypto-based routes for traders who already hold digital assets on the platform. Together, the markets broaden DRV access beyond its listings on international exchanges.

Bithumb also added DRV to its Korean won market on July 14, giving the token listings on two major South Korean platforms on the same day. The combined rollout increases local access, although trading volume and prices can change quickly after new markets open.

Derive grew from the former Lyra protocol

Derive previously operated as Lyra Finance, an onchain options protocol launched within the Synthetix ecosystem. The project adopted the Derive name in 2024 and moved its governance and utility token from LYRA to DRV. Eligible balances converted at a 1:1 ratio after a May 2024 snapshot.

DRV launched in January 2025. The protocol now combines options, perpetual futures and structured trading products through a self-custodial exchange. Derive runs an Ethereum rollup built with the OP Stack and uses a risk engine designed for portfolio margin and onchain settlement.

DRV supports governance, staking and token buybacks

DRV holders can stake the token to receive governance rights and delegate voting power. Derive also uses token incentives for trading and liquidity programs. Its token documentation states that 35% of protocol revenue funds DRV buybacks under the protocol’s current token funding model.

The token’s total supply now stands at 1.5 billion DRV. That figure reflects a 500 million-token strategic mint proposed in September 2025 to fund institutional partnerships, market-maker incentives and development. The earlier plan represented a 50% increase from the original one billion-token supply.

Listing follows Derive’s wider exchange expansion

The Upbit launch comes after DRV reached Coinbase in May 2026, giving the asset access to a large regulated U.S. trading platform. The Korean listings add direct won markets and place the token before one of Asia’s most active retail trading communities.

As previously reported, Synthetix proposed acquiring Derive through a $27 million token swap in May 2025. The plan would have exchanged 27 DRV for one SNX under lockup and vesting terms. The parties later abandoned the proposed merger, leaving Derive independent.

Upbit has continued adding crypto assets throughout 2026. As reported by crypto.news, the exchange introduced nine tokens to its BTC and USDT markets in June. Other Upbit listings have produced rapid changes in volume and price, but early gains have not always continued.

The DRV listing may improve liquidity by connecting fiat and crypto markets. Traders will also monitor Derive’s protocol volume, token use and supply release schedule. Those measures will show whether the Korean rollout creates sustained activity after the initial listing period.

JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.

A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.

The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.

Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.

Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.

Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.

Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.

Japan agreement follows Asia expansion

The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.

Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.

During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.

Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members. 

However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.