[PRESS RELEASE – Zug, Switzerland, May 12th, 2026]

Nine protocol initiatives that target EVM compatibility, gasless transactions, compliant security tokens, transaction privacy, AI agent micropayments, and quantum-safe cryptography

The Casper Association today published the Casper Manifest, a multi-year technical roadmap designed to make Casper Network the infrastructure layer for regulated real-world asset tokenization and the emerging machine-to-machine economy.

The Manifest was introduced by Casper Association President & CTO Michael Steuer at the Digital Finance Forum in Bermuda, before an audience of leaders from Web3, traditional finance, and institutional finance.

Building on major protocol releases delivered since mid-2025, including Casper 2.0 with deterministic finality and a multi-VM execution layer, the Manifest sets out nine coordinated initiatives around one goal: making blockchain frictionless for users, trusted by institutions, and native for machines. The roadmap brings EVM compatibility to Casper’s WebAssembly foundation, advances gasless transactions and smart accounts for simpler user experiences, and expands the compliance, privacy, micropayment, native token, and quantum-safe infrastructure needed for real-world assets and autonomous systems to operate with greater predictability and less friction.

Building the Infrastructure for Regulated Assets and Autonomous Systems

The nine core initiatives outlined in the Casper Manifest are organized around the following areas:

Access for every developer. The largest blockchain developer ecosystem builds on Ethereum tooling  – Solidity, MetaMask, and thousands of audited smart contract libraries. Casper is adding full Ethereum Virtual Machine compatibility alongside its existing WebAssembly execution engines, so developers can bring their existing contracts, tools, and wallets to Casper without modification. A native token registry provides equal access to tokens from either side. One chain, two execution environments, zero fragmentation.

Blockchain that’s frictionless for the user. Someone else pays your transaction fees. Multiple steps collapse into a single action. You sign in with your fingerprint instead of managing cryptographic keys. The Casper Manifest delivers gasless transactions, batch operations, and smart accounts that enable biometric authentication – so using a blockchain application feels like using any other app.

Compliance and privacy as one system. Casper will be the first Layer 1 where regulatory compliance and transaction privacy are designed to work together. Compliant security tokens with on-chain identity verification, transfer restrictions, and jurisdictional controls – built in alignment with the ERC-3643 standard that already governs $28 billion in tokenized assets on chain. As a member of the ERC-3643 Association, Casper Association is helping to expand the standard. Alongside compliance, a multi-phase privacy roadmap delivers confidential transactions with fixed, predictable costs – and built-in tools for auditors and regulators to verify compliance without exposing transaction details to the public. Privacy and compliance as two sides of the same system, designed for the $16 trillion real-world asset tokenization market.

Native infrastructure for the machine economy. AI agents need to pay for services programmatically – per API call, per data query, per computation – without subscriptions, invoices, or human intermediaries. As a member of the X402 Foundation, Casper is implementing the X402 open payment standard, enabling machines to pay each other over HTTP in stablecoins and other fungible tokens, expecting to become the first WebAssembly-native Layer 1 with production X402 support. The same smart accounts and gasless infrastructure built for human users give AI agents scoped spending permissions and autonomous operation out of the box, providing best-in-class controls and compliance for AI agents.

Tokens as first-class citizens. User-created tokens on most blockchains are smart contracts that cost significantly more to operate than native currencies. Casper’s Native Token Registry elevates every token to protocol-level status with the same fixed, predictable costs as native transfers. One pricing model for all tokens. One infrastructure layer shared across WebAssembly, EVM, and any other future execution environment on Casper Network. The backbone for everything from DeFi to compliant security tokens to private, confidential transfers.

Quantum-safe from the start. No major smart contract platform has shipped post-quantum transaction signing. Casper will, with hybrid accounts that carry both classical and quantum-resistant keys during a transition period. For institutions evaluating blockchain platforms for decade-long deployments, the answer to “what happens when quantum computers arrive” will be production code, not a research paper.

“Much of the industry is focused on either maximizing hype, or iterating on concepts that service the same existing, crypto-native use cases. Few are building the infrastructure that will onboard the next billion users, the next trillion dollars in tokenized assets, or the first billion machines,” said Michael Steuer, President and CTO of the Casper Association. “Executing the Casper Manifest means that developers can bring over their entire EVM stack. For users, blockchain should be invisible. One tap. Done. For institutions, Casper’s roadmap provides on-chain compliance, transaction privacy and quantum safety. And machines need payment rails that don’t require a human, while being bound to spending limits set by their owners on their smart accounts. That’s the future-proof infrastructure Casper is putting in place.”

Timeline

The nine initiatives do not ship all at once. The first, X402 micropayments, is expected to ship in the next few weeks. Later in 2026, Casper will ship EVM compatibility, networking hardening, and compliant security tokens. This will be followed by the Native Token Registry, Gasless transactions, batch operations, and smart accounts. Transaction privacy and quantum safety build on the earlier initiatives through 2027. Formal protocol enhancement proposals for each initiative will be published.

Explore a deep dive of the Casper Manifest here: https://casper.network/news/manifest

About Casper Network

Casper Network (CSPR) is a layer 1 Proof-of-Stake blockchain engineered for regulated real-world assets and the machine economy. With deterministic transaction finality, a multi-VM execution layer supporting both WebAssembly and soon EVM smart contracts, and fixed-cost operations enforced at the protocol level, Casper delivers the infrastructure for compliant asset tokenization, frictionless consumer experiences, and autonomous machine-to-machine commerce. The Casper Manifest – the network’s multi-year technical roadmap – advances nine coordinated protocol initiatives spanning developer access, user experience, institutional compliance, privacy, micropayments, and quantum safety. The Casper Association, a non-profit organization based in Zug, Switzerland, oversees protocol development and ecosystem growth. Learn more at https://casper.network.

Full Casper Manifest: https://casper.network/news/manifest

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In a crypto landscape that’s getting increasingly split between centralized exchanges and decentralized (DeFi) protocols, Figure Markets emerges as a hybrid solution designed to bridge both worlds.

The platform is launched as part of the broader Figure Technology Solutions, Inc. (“Figure”) ecosystem and is aimed at combining elements of traditional finance (TradFi) with decentralized finance. The goal is to provide users with a single interface to trade, earn, and borrow, while at the same time maintaining control over their assets.

At its core, Figure Markets is a self-custody digital asset platform that’s designed to enable users to buy and sell cryptocurrencies, access lending products, and generate yield from both real-world assets (RWAs) and from crypto. Unlike many of the mainstream exchanges, however,  it places the emphasis on user ownership through advanced wallet technology, ensuring that funds remain under the complete control of the user rather than being held by the platform.

What makes it stand out is its ambition to go beyond typical crypto exchange functionality. It integrates a myriad of real-world finance products, including home equity-backed lending, directly into a blockchain-based environment. This creates opportunities for users to earn yield that’s derived from traditional assets rather than purely speculative crypto-oriented mechanisms.

From a user perspective, Figure Markets presents itself as an “all-in-one” financial app, where trading, borrowing, and earning coexist within a unified ecosystem. This approach is designed to appeal to a broader audience – from users who seek self-custody and yield, to more traditional investors who look for a familiar financial product.

Ultimately, the platform is not trying to compete solely as another crypto exchange. Rather, it is positioning itself as a next-gen capital markets platform.

Company Background and Vision

Figure Markets is part of the broader ecosystem that’s built by Figure Technology Solutions – a NASDAQ-traded fintech firm founded by Mike Cagney, who is also known as the former CEO and co-founder of SoFi.

Figure has predominantly focused on modernizing financial services through blockchain-based technologies. More particularly, by bringing traditional assets like loans on-chain.

The launch of Figure Markets (in 2024) represented a natural extension of the firm’s vision to create a marketplace that allows users to interact with both crypto and real-world financial products in a unified environment.

Central to this particular strategy is the Provenance Blockchain. This is a purpose-built network that’s specifically designed to support asset tokenization and transparent financial operations.

In essence, Figure Markets reflects a broader ambition to rebuild capital markets infrastructure by using blockchain technology while also maintaining regulatory alignment and institutional-grade standards.

Core Features: Overview

Figure  Markets is developed as an all-in-one financial platform, as we mentioned above. It combines multiple services that are generally spread across exchanges, wallets, and various DeFi protocols.

Its core appeal lies in simplifying access to crypto and blockchain-oriented financial products. However, this doesn’t seem to happen at the expense of control or transparency, which enhances its core product offering.

Some of the platform’s key features include:

• Self-custody wallet

Users are able to retain complete control of their assets through self-custody wallets and advanced multi-party computation (MPC) technology, which reduces the reliance on centralized custody, if not eliminating it completely.

• Integrated trading functionality

Figure Markets allows users to buy and sell supported cryptocurrencies within the same application, which eliminates the need for external exchanges. These transactions are executed on a peer to peer basis, through the Figure Markets Exchange module on the Provenance Blockchain.

• Earn products with real yield

Democratized Prime, a decentralized lending marketplace that allows users to access yield opportunities that are backed by real-world assets, not just crypto incentives.

• Crypto-Backed Loans

Crypto-Backed Loans* allows participants to unlock liquidity without having to sell their digital assets and use them as collateral instead to do things including purchase more crypto.

• Real-world asset exposure

What has undoubtedly turned out to be one of the hottest crypto use cases, RWAs allow users to participate in blockchain-based financial products, which are tied to traditional assets such as loans, for example.

• On-chain transparency

Transactions and asset activity are recorded on the Provenance Blockchain. This ensures greater visibility and accountability.

Trading Experience and Supported Assets

Figure Markets offers a rather streamlined trading experience, which is designed to feel familiar to users of centralized exchanges. However, it still operates within its very own self-custody framework.

The platform focuses on simplicity and accessibility. It makes it very easy to buy and sell crypto without requiring the user to navigate complex order books or advanced trading interfaces.

One of its standout aspects is the emphasis on low trading fees. This lowers the barrier to entry for casual users and for long-term investors alike. Instead of catering to high-frequency traders, as many other exchanges do exclusively, Figure Markets leans toward a more intuitive trading flow, which is closer to a fintech application than a professional trading terminal.

That said, its pro trading platform does feel familiar to many of the existing centralized exchanges, making it very easy for users with experience to transition, while also offering a very familiar UI at the same time.

It’s important to note that liquidity is still developing, given how relatively new the platform is, but it definitely benefits from integration within the wider ecosystem of Figure. Over time, this is likely to improve both depth and pricing efficiency.

Overall, the trading experience is best suited for:

• Users who value ease of use over highly advanced tooling
• Investors focused on core crypto assets and self-custody
• Lenders seeking access to yield generated by private credit assets previously reserved for institutions
• Those who already use Figure or Figure Markets for earning or borrowing

Earning and Yield Products

One of the more compelling aspects of Figure Markets is its evident focus on yield generation, particularly through products that are tied to real-world financial activity. This positions the platform very differently from most of the DeFi protocols, where the returns tend to be driven by token inflation, emissions or speculative demand in many of the cases.

At the center of its offering are real-world asset-backed yield opportunities through Democratized Prime, Figure Market’s decentralized lending marketplace. These usually involve pools that are connected to loans originated within the broader Figure ecosystem but recently Democratized Prime has expanded to other credit assets, including auto loans originated by Agora Data. Figure’s tokenized RWAs include home equity lines of credit (HELOCs). In fact, Figure is the number 1 non-bank HELOC lender in the US, having unlocked more than $22 billion in liquidity.

Users can also access yield-bearing digital assets including Figure’s proprietary yield-bearing stablecoin, YLDS, which is issued by the Figure Certificate Company (FCC). YLDS is the first and only yield-bearing stablecoin registered with the SEC, and was the first public security to be to be successfully registered with the SEC. Products like YLDS and Democratized Prime are designed to generate income. They are structured to offer very competitive returns while maintaining relatively conservative risk profiles when compared to volatile crypto staking strategies. YLDS yields SOFR minus 35bps, while yields generated in Democratized Prime are typically in the range of 7-9%.**

To sum it up, some of the key highlights of the earning experience include:

• Attractive target yields
• RWA-backed yields
• Focus on passive income
• Integrated access

That said, these products are not risk-free. The returns will depend on the borrower’s performance, collateral equity, and the broader market conditions.

In essence, Figure Markets’ earning suite is suited for users who seek more predictable and income-oriented strategies.

Borrowing and Lending Services

In addition to trading and earning, Figure Markets also provides a wide range of borrowing and lending services including Crypto Backed Loans* which are originated by Figure Lending LLC (and Figure Markets Credit LLC for New York and international customers). CBLs are designed to unlock liquidity without requiring the user to sell their cryptocurrency. This is a very integral part of its hybrid model, blending traditional finance products with crypto-backed lending.

On the Figure Markets side, users are able to take out loans against their digital assets utilising flex rate variable offerings in Democratized Prime. By using crypto as collateral for a fixed-rate CBL or a flex-rate loan, they maintain market exposure without incurring the consequences of selling their crypto. This is very useful for long-term holders who need access to cash or stablecoins and don’t want to trigger a taxable event or to miss potential upside.

Some of the key features here include:

• Streamlined application process
• Flexible use of funds
• Competitive low rates at 8.91% (9.999% APR) @ 50% LTV2
• Liquidation Protection7

Of course, users need to be well-aware of the liquidation risks that come with highly volatile markets, but Figure Markets does a good job of clarifying this. Users who elect to pay the additional fee for liquidation protection will not be subject to liquidations or margin calls based on price movement during the life of their loan.

Flagship Products

Democratized Prime

This is a decentralized lending marketplace that brings institutional-grade yield opportunities to Figure Markets’ users. It is designed to connect lenders and borrowers directly where users are able to set their preferred interest rates.

Some of its highlights include:

• Yields (7-9%) depending on market conditions**
• Overcollateralized pools giving lenders more security
• Real-world asset backing
• Hourly liquidity

Crypto-Backed Loans*

This product allows users to access liquidity without having to sell their digital assets. This makes it very practical for long-term holders. Instead of cashing out (selling), users pledge their crypto as collateral and receive funds in return.

• Retain your crypto exposure
• Competitive fixed rates
• Fast access to funds

User Interface Experience (UI/UX)

The platform places a strong interface on delivering a clean user experience rather than trader-heavy solutions, but it does contain all the necessary tooling an advanced user would need.

Navigation is straightforward with clearly separated sections for trading, earning, and borrowing. This allows anyone to move between features without any friction. The layout feels closer to a contemporary neobanking app rather than a traditional crypto exchange, which oftentimes makes it particularly appealing to those who prioritize simplicity and easy access.

Onboarding is also quite smooth. Account setup, identity verification, wallet creation – all of it is integrated into a guided flow, which reduces some of the typical bottlenecks and barriers to entry that are associated with self-custody platforms.

The mobile experience is undoubtedly a core focus, with the app serving as the primary interface for many users. Performance is responsive, key actions like buying and selling crypto through the professional interface are also very smooth.

Security, Regulation, and Compliance

It goes without saying that security and regulatory alignment are central to Figure Markets and its value proposition, especially given its goal to bridge crypto with TradFi. Unlike many centralized exchanges, the model here is self-custody, which means that users retain full control of their assets at all times. This is allowed through the use of MPC technology, which distributes private key management across a number of parties to reduce single points of failure.

From a security standpoint, this approach definitely offers a strong middle ground between full-self custody and custodial solutions.

On the regulatory side, Figure Markets stands out because of its connection with Figure Technology Solutions (FTS), which operates within established financial frameworks and considers itself a leader in building compliant blockchain infrastructure.

FTS has been an industry leader when it comes to innovation within regulated ecosystems. Some of these industry firsts included launching the first public security to be fully traded on blockchain rails when it launched YLDS, the SEC’s first and only yield-bearing stablecoin  YLDS. YLDS was followed by launching the first blockchain-native public equity that is fully tradable on blockchain rails when it launched FGRS, FTS’s blockchain-native shareclass. FGRS is issued, held and traded solely on blockchain rails through Figure Onchain Public Equity Network (OPEN). Blockchain-native equities on OPEN settle atomically T+0, compared to traditional tokenised equities, which settle T+1 due to reliance on legacy infrastructure like the Deposit Trust Clearing Corporation, DTCC. FGRS can also be lent and used as collateral in pools on Democratized Prime.

Subsidiaries of FTS include:

• SEC-registered Alternative Trading System (Figure ATS), administered by a FINRA-registered broker-dealer (Figure Securities, Inc.),
• SEC-regulated Transfer Agent (Figure Equity Solutions),
• 1940 Act Investment Company, registered as a Face-Amount Certificate Company (FCC),
• State-regulated Money Transmitter (Figure Pay)
• State-licensed lender (Figure Lending LLC)

Additionally, the fact that it’s built on top of the Provenance Blockchain enhances transparency as transactions and asset movements can easily be verified on-chain.

Conclusion

It goes without saying that Figure Markets aims to bring a compelling evolution of the cryptocurrency platform model. It blends elements of a centralized exchange, DeFi protocols, and traditional financial services tied into a unified ecosystem.

In our view, it’s best suited for investors seeking passive income and more predictable yield and are interested in real-world asset exposure, while valuing self-custody and a more streamlined user experience.

That said, what stands out the most is their dedication to providing high-quality products such as yield opportunities through RWAs from Democratized Prime and competitive rates for Crypto Backed Loans to provide flexibility with your crypto.

Disclosures

*Crypto backed loans are provided by Figure Lending LLC dba Figure (NMLS 1717824). Loans subject to approval. Crypto collateral may be liquidated. Terms apply – see full disclosures at figure.com/disclosures/

©2026 Figure Lending LLC

Figure Lending LLC dba Figure 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. 888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org

Equal Opportunity Lender For general customer support, call (888) 819-6388 Monday – Friday, 6am – 9pm PT, Saturday – Sunday, 6am – 5pm PT (excluding holidays).

Equal Housing Opportunity

This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.

Availability:

Crypto loans are offered to U.S. borrowers by Figure Lending LLC. This product is not available to U.S. residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA.
Crypto loans are offered through Figure Markets Credit LLC to residents of the state of New York and to international customers except in the following jurisdictions: Crimea (Ukraine), Donetsk (Ukraine), Luhansk (Ukraine), Afghanistan, Albania, Belarus, Central African Republic, Congo (the Democratic Republic), Cuba, Ethiopia, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Nicaragua, Nigeria, North Korea (Democratic People’s Republic of), Pakistan, Palestine (State of), Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, or Zimbabwe.

Lender & Licensing:

Figure Markets Credit LLC. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 926-6259. NMLS ID 2559612. For licensing information, go to www.nmlsconsumeraccess.org

Crypto Loans starts at a minimum of $5,000, subject to state and jurisdiction-specific legal limitations. Your loan amount will ultimately depend on the amount of collateral in your account and your eligibility will be determined by your state or jurisdiction of residence, credit profile, and other personal information available at the time of your application.

1. General minimum and maximum loan amounts may vary subject to state-specific legal limitations.
2. Repayment Period (Minimum-Maximum): 12 months
   Maximum APR: 12.62% APR (APR includes interest plus applicable fees such as the 1% origination fee). Available interest rates for Figure’s Crypto-Backed Loan are 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%.
   Representative Example (Total Cost): As an example, a borrower receives a Crypto Backed Loan at 50% LTV of $10,000 for a term of 12 months, with an interest rate of 8.91% and a 1% origination fee of $100, for an APR of 9.999%. In this example, the borrower will receive $10,000 and will make 12 monthly payments of $74.25. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.
3. Obtaining a crypto-backed loan generally does not trigger an upfront taxable event. Tax treatment may vary based on individual circumstances. Consult your tax advisor.
4. Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. More information about liquidation protection can be found here. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.
5. Approval is not guaranteed

Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. More information about liquidation protection can be found here. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.

Investment products: Not FDIC Insured, No Bank Guarantee, May Lose Value.

YLDS Stablecoins are unsecured face-amount certificates and solely backed by the assets of Figure Certificate Company (FCC), who is the issuer of the certificates. As a subsidiary of Figure Markets Holdings, Inc., FCC is (absent exclusion or exemption) required to comply with certain limits on its activity, including investment and/or trading limitations on its portfolio and other limitations under applicable banking and securities laws. FCC is not a bank, and the securities it offers are not deposits or obligations of, or backed or guaranteed or endorsed by, any bank or financial institution, nor are they insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency. The Certificates are not an insurance company product, an equity investment, Paid endorsement by Figure Technology Solutions, Inc. Opinions are my own. Consult a financial advisor before making any decisions or an investment in a money market mutual fund. FCC’s qualified assets on deposit may exceed the deposit amounts required by applicable regulations. If there are losses on FCC’s assets, FCC may not have sufficient resources to meet its obligations, including making interest and/or principal payments on your certificates. Most of FCC’s assets are debt securities and are subject to risks including credit risk, interest rate risk and prepayment and extension risk. You could lose money by investing in the Stablecoin. Although the Stablecoins seeks to preserve the value of your investment at $0.01 per share, it cannot guarantee it will do so. You should consider the investment objectives, risks, charges and expenses of certificates carefully before investing. Download a free prospectus, which contains this and other important information about our certificates. Read the prospectus carefully before you invest. Figure Certificate Company Prospectus available Here

The On-Chain Public Equity Network (OPEN) includes a variety of services offered by the Figure Group of companies. Included in the services offered by OPEN is a Figure Markets MPC wallet for self-custody of digital equities and digital assets. Cross-collateralization and portfolio margin capabilities through OPEN are enabled by Figure’s decentralized lending marketplace, Democratized Prime. Public equity trading is made available through an Alternative Trading System (“Figure ATS”) operated by FINRA/SIPC member Figure Securities, Inc.

Check the background of this firm on FINRA’s BrokerCheck here: https://brokercheck.finra.org/firm/summary/307093

Investment in common stock, including Class A or blockchain-native shares, involves a high degree of risk and may result in the loss of part or all of your investment, as prices can fluctuate significantly due to market conditions and company performance, may be volatile and difficult to sell, are not guaranteed to provide returns or dividends, and may be adversely affected by dilution, regulatory changes, or, where applicable, risks associated with blockchain technology. Additionally, this security may not be suitable for all investors. Before investing you should: (1) conduct your own investigation and analysis; (2) carefully consider the investment and all related charges, expenses, uncertainties and risks, including all uncertainties and risks described in offering materials; and (3) consult with your own investment, tax, financial and legal advisors. 

Past performance and yields are not reliable indicators of current and future results. Rates associated with the mentioned products are not guaranteed and subject to change. 

Investing in cryptocurrencies involves significant risks. Cryptocurrency trading is not available in NY. Please click here for risk disclosures on investing and trading in cryptocurrencies.

Figure Payments Corporation offers to self-directed investors and traders cryptocurrency brokerage services under the brand name, “Figure Markets”. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. Figure Payments Corporation’s NMLS ID number is 2033432, and is located at 100 West Liberty Street, Suite 600, Reno, NV., 89501. You can verify Figure Payments licensing status at the NMLS Consumer Access website. Click here for Figure Payment’s state license and regulatory disclosures.

**Rates for Democratized Prime are variable, not fixed or guaranteed, and may change based on pool composition, borrower performance, auction dynamics, and market conditions; learn more:. Figure Markets and its affiliates do not guarantee repayment, liquidity, or asset value, and participation is subject to applicable terms, including the Democratized Prime Terms of Service and HELOC+ Addendum.

Figure Payments Corporation, Figure Lending LLC, Figure Securities, Inc, Figure Certificate Company, and Figure Markets, Inc. are each wholly owned subsidiaries of Figure Technology Solutions, Inc. Products and services of all of these entities are offered under the Figure Markets brand. NOTE FOR INVESTORS: When applying for accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.

CryptoPotato Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and to do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Bitcoin (BTC) could move above $90,000 and revisit its all-time high of around $126,000, BitMEX co-founder Arthur Hayes said.

He says the aggressive spending by governments and banks to fund AI infrastructure, as well as military spending and energy security projects, has helped fuel the crypto bull market.

Hayes Ties Bitcoin Outlook to AI Spending and Wartime Liquidity

The core of Hayes’s argument is that the Chinese and American governments have handed themselves political cover to print money aggressively and that this flood of liquidity will lift Bitcoin more than almost any other asset.

The first driver is the AI arms race, with the former BitMEX CEO saying that both Trump and Xi view machine intelligence as a matter of national survival, not just commercial opportunity.

“The presidents of America and China both believe that AI and tech supremacy are integral to the survival of their fiefdoms,” he stated, adding that the tech industry in each country has been “more than happy to sell them a horror story of what happens to the glorious nation should the other side gain supremacy over machine intelligence.”

That framing, according to Hayes, makes any central bank pushback on inflationary lending politically impossible, meaning both dollars and yuan will flow into AI regardless of what it does to consumer prices.

The second driver is the US attack on Iran, with the crypto investor claiming that the date it started, February 28, is the moment the current bull market began in earnest.

He argued that the conflict has exposed something the rest of the world can no longer ignore: that the US will start wars affecting global commodity flows without consulting the countries most harmed by the disruption.

The consequence, in his opinion, is that sovereign nations will stop recycling surpluses into US Treasuries and S&P 500 ETFs and instead spend that capital on pipelines, defense, and commodity stockpiles.

That will in turn create a structural problem for US markets, which Hayes believes the Fed and Treasury will patch with looser financial conditions, including expanded dollar swap lines and relaxed banking regulations.

Each of these tools will expand the supply of dollars, and more dollars in Hayes’s framework means higher BTC prices.

Where Bitcoin Stands

According to Hayes, Bitcoin’s recovery to its all-time high is a matter of when, not if.

“Retaking the $126,000 is a foregone conclusion,” he wrote.

He believes the surge will get even faster once BTC passes the $90,000 mark because he thinks many covered call sellers will be forced to buy back their positions as the price pushes through their strike levels, creating a self-reinforcing squeeze.

As of this writing, the OG crypto is trading under $81,000, up nearly 13% in the last month but still about 36% below that ATH.

Still, investment flows have shown that there is improving sentiment around Bitcoin. According to CoinShares, digital asset investment products recorded $857.9 million in inflows last week, the sixth consecutive week of positive flows, with BTC alone pulling in $706 million, to bring its year-to-date inflow total to $4.9 billion.

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Aptos has introduced a proposal for a native Encrypted Mempool system that would allow users to submit transactions privately while still maintaining the speed and transparency of the network.

If approved through governance, Aptos said the feature would make it the first Layer 1 blockchain to offer built-in encrypted transaction submission directly at the protocol level.

Aptos Targets MEV Exploitation

The system is designed to protect users from frontrunning, censorship, and orderflow manipulation. Users would be able to send encrypted transactions with a single click, while all transaction data would still become visible on-chain after block confirmation.

Aptos said the proposal comes as decentralized exchange activity continues to grow rapidly. It added that DEX spot trading volumes regularly surpassed $200 billion per month in 2025 and averaged roughly $476 billion monthly during the third quarter. While decentralized exchanges removed reliance on centralized custody and settlement systems, Aptos noted that most blockchains still expose pending transactions before they are finalized, which allows validators and other network participants to observe and potentially exploit trading activity before execution.

According to Aptos, this visibility has contributed to the rise of the MEV market, where validators and traders profit by reordering or exploiting pending transactions. The proposed Encrypted Mempool aims to eliminate that exposure by ensuring transaction intent remains confidential until execution while preserving the network’s same security assumptions.

Aptos Labs explained that the system relies on threshold cryptography and a distributed key generation process that occurs before each validator epoch. Transactions are submitted as encrypted payloads, and validators collectively decrypt them only after a block has been ordered. The company added that traditional encrypted transaction systems face major scalability issues because validators must individually communicate and process partial decryptions for every encrypted transaction. This ends up creating heavy communication, computation, and latency costs across the network.

To solve this problem, its research team developed a batched threshold decryption scheme that allows validators to generate a single partial decryption for an entire batch of encrypted transactions instead of handling them individually. Aptos said this significantly reduces communication and computation overhead while allowing most processing work to happen in advance.

The company further revealed that the system prevents replay attacks, removes the need for users to compete for encryption slots, and avoids transaction resubmissions. Aptos said the encrypted mempool integrates directly into the network’s consensus protocol and introduces minimal additional latency.

APT Price Action

Its native token, APT, has climbed steadily over the past 30 days, rising from around $0.82 in mid-April to nearly $1.10 by mid-May. APT saw several sharp upward moves during the month, briefly crossing $1.20 before pulling back slightly.

Over the past 24 hours, however, it declined by almost 2% to trade near $1.10.

The post Aptos Pushes Encrypted Mempool Upgrade to Protect Users From Frontrunning and Censorship appeared first on CryptoPotato.

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Exodus Movement reported a net loss of $32.1 million for the first quarter of 2026, more than double the $12.9 million loss recorded in the same period last year, as the crypto wallet company liquidated the bulk of its Bitcoin treasury to fund acquisitions.

Total revenue came in at $22.7 million for the three months ended March 31, down 36.8% from $36 million a year earlier, the company announced Monday.  Exchange aggregation, the company’s main business line, drove most of the decline, sliding $13.8 million, or 40.8%, as user trading volumes dried up.

Monthly active users dipped to 1.5 million from 1.6 million a year ago, while quarterly funded users fell more sharply, dropping 22.2% to 1.4 million from 1.8 million.

The company cited macroeconomic pressures, including the Federal Reserve’s revised growth outlook and uncertainty around the administration’s tariff policy, as primary drivers of the market-side damage. “The Company expects that volatility in digital asset prices will continue and may result in significant fluctuations in the Company’s results of operations in future periods,” it added.

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Exodus sells 63% of its Bitcoin stash

Exodus held 1,704 BTC at the end of December 2025. By March 31, that position had been cut to 628 BTC, a reduction of roughly 63% in unit terms. The company raised $73.2 million through the sales during the quarter, nearly all of which was earmarked to fund its push to acquire W3C Corp., the holding company behind fintech firms Monavate and Baanx.

The company’s broader digital asset portfolio swung to a net loss of $36.4 million, reflecting $76.8 million in unrealized losses partly offset by $40.4 million in realized gains on asset exchanges.

At the end of the quarter, the company held $72.9 million in cash and cash equivalents, up from $4.9 million at year-end 2025.

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Exodus shares drop. Source: Yahoo! Finance

Exodus shares fell 5.75% to $7.71 on May 12 and slipped a further 3.11% to $7.47 in pre-market trade.

Related: Bitcoin exchange reserves fall to two-year low after $8B exodus

Exodus launches XO Cash in push into AI agents

As Cointelegraph reported, Exodus has rolled out XO Cash, a Solana-based stablecoin toolkit built with MoonPay that lets AI agents spend money through Visa’s payment rails without exposing a user’s private keys.

Developers can spin up agent-linked wallets, cap daily spending, restrict merchants and issue virtual debit cards through Exodus Pay balances. Payments settle automatically in USDC (USDC) or USDt (USDT) via infrastructure from Monavate, and transactions carry no fees.

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UBS started direct Bitcoin (BTC) and Ethereum (ETH) trading for select private banking clients in January 2026. The move places Swiss banks’ crypto adoption firmly in the mass market.

The bank joins Zürcher Kantonalbank and PostFinance, whose 2024 launches gave crypto access to over 2.5 million Swiss accounts. Switzerland now hosts about 20 banks offering crypto services, more than any other country.

The Investor Profile No One Expected

Zürcher Kantonalbank began offering crypto custody and trading in early 2024. Head of Digital Assets, Peter Hubli, told The Big Whale that the bank had modeled a younger client base. The actual numbers told a different story.

“This is probably the biggest surprise of this launch. We expected, like many others, to attract a very young clientele. That’s not the case at all.”

Peter Hubli, Lead Digital Assets, Zürcher Kantonalbank, in The Big Whale’s report.

Average crypto buyers at ZKB sit between 30 and 50 years old, mostly male, and concentrated in private banking rather than retail. More than 40% had no investment portfolio at the bank before opening crypto custody. Their cash had sat idle.

The financial impact is no longer marginal. Maerki Baumann reports that over 20% of bank profit now ties to digital asset activity. Swissquote says that crypto accounts for roughly 10% of total revenue.

Arab Bank Switzerland reports 5% of assets under management but 7% of net income from crypto.

PostFinance, the systemically important state-controlled lender, opened 36,000 crypto custody accounts and processed over 565,000 transactions in its first year live. Both numbers point past the pilot phase.

Switzerland Fits a Global Pattern

The pattern extends beyond Switzerland. The EY-Parthenon and Coinbase 2026 Institutional Digital Assets survey polled more than 350 institutional investors in January 2026. Respondents included asset managers, family offices, and private banks.

The survey found that 73% plan to increase digital asset allocations this year. Stablecoin use or interest reached 84% among the same group. That signal frames the Swiss case as part of a wider institutional shift rather than a national anomaly.

Custody security and regulatory clarity remained the top concerns across respondents. Swiss banks address both through the 2021 Distributed Ledger Technology Act and bank-grade custody providers like Taurus and Sygnum.

The Competitive Clock Is Now Running

The Big Whale report shows Switzerland still leads globally with about 20 banks offering crypto services. The United States follows at 15, Germany at 12. The numerical gap remains, but the pace of US bank entry has narrowed it.

Switzerland’s lead faces two near-term tests. The OECD’s Crypto-Asset Reporting Framework takes effect on January 1, 2027, ending an era of tax opacity.

FINMA’s license overhaul, following a public consultation that closed in February 2026, will reshape custody and stablecoin rules. Several provisions echo the European MiCA framework.

Crypto Valley Association board member Ilya Volkov has warned against “regulatory micromanagement” that could erode the country’s pragmatic edge. Whether Switzerland keeps its lead through 2027 will depend on how that consultation is resolved.

The post Switzerland’s Largest Bank Joins the Mass-Market Pivot to Crypto in 2026 appeared first on BeInCrypto.

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