One of the XRP Ledger’s biggest weaknesses as a DeFi venue might be on its way out.

A draft amendment titled “AMM Swappable Curves” was filed on the XRPL standards repository Tuesday, proposing to extend the network’s existing automated market maker with three pluggable curve types — constant product, concentrated liquidity, and StableSwap.

A fourth, fully programmable curve type called Smart AMM is reserved for a follow-up specification. AMMs refer to automated market makers, a type of decentralized exchange where trades happen against a pool of deposited tokens rather than between buyers and sellers.

The proposal was authored by XRL core developers Denis Angell and Roman Thpt and would require a separate amendment vote before activation. For now it is still in draft.

What it would do is let liquidity providers on the XRPL choose how their pool prices assets. The current setup spreads liquidity uniformly across every possible price, which is fine for volatile pairs but burns capital for stablecoin pairs and correlated assets.

Concentrated liquidity lets liquidity providers (or users that supply their tokens to a protocol in exchange of capturing a share of fees) target a narrow band where most trades actually happen, which produces far more usable depth per dollar deposited. StableSwap is built for assets that trade near 1:1, like dollar-pegged stablecoins or wrapped representations of the same asset.

The XRPL has been quietly building institutional tokenization volume — over $3 billion in tokenized real-world assets currently sit onchain, including a Ripple-JPMorgan pilot earlier this month processing a tokenized U.S. Treasury redemption in under five seconds.

But moving institutional capital onchain is one leg of any financial strategy. Letting that capital earn yield, get borrowed against, or trade efficiently against other tokenized assets requires DeFi rails that actually work for the task.

Concentrated liquidity in particular has become the standard for capital-efficient AMMs across major DeFi ecosystems, with around 60% of AMM volume now running through some version of it, per the proposal’s own data citations. XRPL’s current AMM has been missing that since launch in 2024.

The amendment also keeps existing pools untouched. Pools created before the new curves activate stay on the constant product model with no migration required. Pool creators picking from the new menu would do so at creation time, with the curve type locked in for the life of the pool.

XRP traded at $1.34 in U.S. morning hours Tuesday. Whether the AMM upgrade lands in time to compound the institutional narrative depends on the amendment process, which can stretch for months and is not guaranteed to pass.

Craig Swan’s eyes light up, and his smile widens when he speaks of Bermuda’s ambitions to become the world’s first economy to go fully onchain, a move he is certain will create amazing new opportunities for the country’s citizens.

In an interview with CoinDesk in London, Swan, the CEO of Bermuda’s Money Authority (BMA), spoke of his tiny island nation’s huge plans.

“We carried out a huge event in Bermuda to educate our citizens on how to set up their crypto wallet, and we airdropped $100 in Circle’s stablecoin USDC, and showed them how to use it for purchases, transfer or send it to friends and family or convert it and even offramp it into fiat if they chose to,” Swan said.

The experiment was designed to onboard local vendors and the public simultaneously, Swan added. Attendees were able to immediately test the ecosystem at an on-site marketplace, using their newly minted stablecoins to purchase goods, while payment processors like MoneyGram provided immediate conversion back into paper currency.

Driving demand at the DMV

While the pop-up marketplace served as a sandbox, the BMA and the government of Bermuda are already scaling the infrastructure to prepare it for the blockchain. The island nation has amended its legislation to officially accept digital assets for public taxes, starting with its highest-volume public sector.

“We are starting at a high-volume area,” Swan explained. “Starting with the Department of Motor Vehicles, because most people have a car or licenses. We are going to cast that across the government itself.”

The financial migration represents the real-world execution of a roadmap first unveiled at the World Economic Forum in Davos, where the Bermudan government announced a partnership with Circle and Coinbase to build out the infrastructure for the world’s first fully onchain economy. Circle deployed its Circle Mint infrastructure to power the government’s digital treasury accounts, while Coinbase pledged its engineering rails to streamline institutional and consumer onboarding.

Bermuda also recently announced a third major partnership. This time with Stellar for the upcoming rollout of its official Bermuda digital dollar, a sovereign-grade stablecoin. Rather than compete with the traditional financial sector, Swan said he expects the onchain rails to coexist with legacy banks, which will continue to hold the fiat reserves backing the digital tokens and provide localized custody.

“The reliance on legacy payments infrastructure has left Bermudians paying high fees and hindered additional economic growth,” Premier E. David Burt noted following the Stellar announcement. By leveraging blockchain rails, Bermuda is attempting to bypass the expensive intermediary banking loops that chew up thin merchant margins, keeping capital circulating natively on-island.

However, moving a national economy onto a blockchain requires rewriting more than just banking rules, said Swan, noting that it requires changing the definition of property.

“When you look at contract law, and if you look at securities, in some cases, it’s not clear whether or not a smart contract satisfies a legal transfer of ownership,” Swan observed. “We have to look at the legislation to make sure that it’s aligned. I think there are a few tweaks the island needs to make around shares—the way legislation records a share register needs to be clear that it can exist in a digital form.”

Regulating the AI agent wave

Bermuda’s testing programs have historically yielded massive macroeconomic results, Swan said. The island currently ranks among the world’s top three largest reinsurance centers. The government is betting that its regulatory framework, the Digital Asset Business Act (DABA), can achieve the same global footprint for tokenized real-world assets (RWAs) and decentralized finance (DeFi).

To prove it, Swan said the BMA recently concluded a pilot program focused on embedding compliance directly inside smart contracts. The trial successfully demonstrated that protocols could automatically freeze a transaction if underlying collateral reserves fell below a specific threshold or block and exchange entirely if an address violated real-time anti-money laundering or sanctions screening.

To address these risks, Swan said the BMA is already looking beyond human traders to digital liquidity generated by automated machines. With that, he said, the BMA plans to roll out an AI payments hub to research and supervise transactional flows initiated entirely by autonomous software.

For larger G20 nations, scaling such an ambitious ledger remains a multi-year regulatory bottleneck. For Bermuda, its small population is its primary geopolitical advantage.

“Smaller jurisdictions with the resources will be able to follow us,” Swan concluded, offering advice to other sovereign states looking to digitize their financial architecture. “Larger jurisdictions would have to take a different train. But to attract companies that are serious, it’s best not to race to the bottom.”

TLDR

• Bitmine acquired 111,942 ETH during the previous week for approximately $237 million — marking its biggest single acquisition in 2026.
• Total company holdings have reached nearly 5.4 million ETH, representing approximately 4.47% of the entire Ethereum circulating supply.
• Tom Lee, the company’s Chairman, indicated that Ethereum’s price drop beneath $2,200 prompted the aggressive purchasing strategy.
• The company has staked more than 4.7 million ETH via its MAVAN platform, producing roughly $276 million in projected annual staking income.
• BMNR shares increased approximately 3.3% on Tuesday; the company anticipates enhanced liquidity following its Russell 1000 index addition next month.

Bitmine Immersion Technologies (BMNR) Shares Rally Following Record Ethereum Acquisition

Bitmine Immersion Technologies, Inc., BMNR

Bitmine Immersion Technologies executed its most substantial Ethereum acquisition of 2026 during the previous week, accumulating 111,942 ETH valued at approximately $237 million. The aggressive purchase represents a notable shift for an organization that had recently communicated intentions to moderate its acquisition strategy.

BMNR stock advanced roughly 3.3% during Tuesday’s session, most recently changing hands at $19.51. While posting gains for the day, shares remain down approximately 12% across the trailing month and have declined more than 38% over the preceding six-month period.

Tom Lee, serving as Chairman, disclosed the acquisition through a Monday statement. He attributed the purchase decision to Ethereum’s price decline from the $2,400 level observed in April and early May down to approximately $2,100.

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” Lee said.

The acquisition timing proves noteworthy. Only weeks prior, during the Consensus 2026 conference in Miami, Lee had publicly stated the company’s plan to decelerate its weekly ETH accumulation strategy to avoid reaching its 5% supply objective prematurely.

This most recent transaction elevated Bitmine’s aggregate holdings to 5,390,404 ETH, positioning the company at roughly 4.47% of circulating supply — representing more than 88% progress toward the stated 5% target.

Lee indicated the organization anticipates surpassing that milestone “sometime in 2026.”

Generating Staking Returns

Bitmine’s strategy extends beyond simple Ethereum accumulation — the majority of holdings are actively deployed. The organization has staked over 4.7 million ETH, representing approximately 87% of total holdings, utilizing its proprietary validator infrastructure, the Made in America Validator Network (MAVAN).

Based on existing staking metrics, the company forecasts annualized staking revenue exceeding $276 million.

Total digital asset and cash positions stand at $12.3 billion. Bitmine additionally maintains 203 Bitcoin, $444 million in cash reserves, and equity stakes in Beast Industries and Eightco Holdings.

Russell 1000 Inclusion May Trigger Additional Demand

A significant near-term catalyst Lee highlighted involves Bitmine’s forthcoming Russell 1000 index inclusion, which monitors the 1,000 largest United States companies. The addition is scheduled for next month.

Lee projected that passive index funds and ETFs tracking the Russell 1000 could produce substantial automated BMNR purchases when portfolio rebalancing occurs.

Ethereum itself declined roughly 2% across the preceding 24 hours, trading near $2,078 on Tuesday. The digital asset remains approximately 58% below its record peak of $4,946, established in August.

Lee observed in his statement that Bitmine anticipates the broader cryptocurrency market will benefit from what he characterized as a “supercycle” fueled by Wall Street tokenization initiatives and agentic artificial intelligence adoption.

Ripple has filed two new U.S. trademark applications covering its Triskelion design and word mark. The filings have drawn attention because they list several services tied to institutional finance, trading, treasury systems, and asset management.

According to reports shared on X, the applications suggest that Ripple is looking to expand its role beyond blockchain payments. The filings cover areas such as treasury operations, digital asset management, cash management, risk management, investment advisory services, and bank reconciliation.

Ripple expands institutional finance focus

The trademark applications also include services linked to hedge fund management, securities lending, prime brokerage, financial clearinghouse operations, and brokerage across equities, derivatives, fixed income, foreign exchange, and commodities.

Trademark filings do not always confirm future products. However, they often show where a company may seek brand protection. In Ripple’s case, the listed services point to a broader interest in institutional financial infrastructure.

Ripple has already moved deeper into traditional finance. In November 2025, the company secured $500 million from major Wall Street firms. The funding reportedly raised its valuation to about $40 billion.

The deal included investor protections, including exit rights. These terms allow investors to sell shares back to Ripple at a fixed return after three or four years. Such terms may affect how financial firms assess Ripple’s liquidity needs and risk profile.

The latest trademark filings appear to fit into Ripple’s broader institutional strategy. The company has continued to build services that connect digital asset markets with traditional financial systems. Ripple’s activity also comes as financial firms increase interest in regulated digital asset services. The company’s filings show that it may seek wider brand coverage across software, brokerage, clearing, and asset management tools.

Ripple Prime adds access to EDX markets

As previously reported by crypto.news, Ripple Prime recently integrated with EDX Markets and EDXM International. The move gave institutional clients access to EDX spot liquidity and EDXM International perpetual futures under one prime brokerage framework.

Ripple said the structure supports credit intermediation, net settlement, and collateral management across digital asset markets. Michael Higgins, International CEO of Ripple Prime, described the move as a market-structure upgrade for institutions.

The UK Foreign, Commonwealth & Development Office has sanctioned Huobi Global SA, which it suspects of “obtaining a benefit from or supporting the Government of Russia.”

The FCDO designation explains that Huobi has been “providing financial services, or making available funds, economic resources, goods or technology” to A7 LLC and GARANTEX Europe OU, both of which are “carrying on business in a sector of strategic significance to the Government of Russia.”

Both of the entities linked to Huobi Global were previously sanctioned by the FCDO, in 2025 and 2022, respectively.

Read more: Has Garantex-linked Grinex dodged sanctions to move $6 billion?

A7 LLC is the issuer of stablecoin A7A5 which, according to blockchain analysis firm Elliptic, is key to Russian sanctions evasion efforts. A7A5 has been used to process over $100 billion worth of transactions since launch in January 2025.

Garantex is a crypto exchange which the US Treasury’s Office of Foreign Assets Control (OFAC) claims processed over $100 million of transactions “associated with illicit actors.”

In March 2025, Garantex announced that “all USDT in Russian wallets is currently under threat,” after Tether froze $23 million of its stablecoin.

Coinbase’s Ethereum Layer 2 network Base has launched a new tool that lets artificial intelligence agents directly interact with users’ crypto wallets and decentralized finance applications through plain-language prompts, marking a new step in the convergence of AI and crypto infrastructure.

The product, called Base MCP, connects a user’s Base Account to AI clients such as ChatGPT, Claude and Cursor using the Model Context Protocol (MCP), an emerging standard that allows AI systems to securely interface with external tools and applications.

With the integration, users can ask AI agents to send funds, swap tokens, check balances, review transaction history and interact with DeFi applications on Base without navigating traditional crypto interfaces.

“Base MCP is a first step toward making the onchain economy easier to use via AI,” the company said in a statement. “Instead of forcing users to jump between apps, parse protocol interfaces, or know exactly which action to take, Base MCP lets your agent help you navigate the ecosystem in a more personalized and understandable way.”

The launch comes as crypto companies increasingly experiment with agentic systems capable of autonomously executing blockchain transactions and interacting with decentralized applications. Industry proponents argue that AI agents could simplify onboarding to crypto by abstracting away the complexity of wallet management and protocol navigation.

At launch, Base MCP includes integrations with several DeFi protocols on Base, including lending platforms Morpho and Moonwell, decentralized exchange Uniswap and perpetuals trading platform Avantis.

The integrations allow users to interact with lending markets, supply assets to vaults, manage liquidity positions and trade perpetual futures through conversational AI interfaces rather than dedicated apps or websites.

Base framed the initiative as part of a broader push toward AI-native internet interfaces, arguing that chat-based agents may eventually become a primary method for discovering and using onchain applications.

“Over time, we believe agentic chat interfaces will become an important surface for app discovery and distribution,” the company wrote in its press release. “As more people use agents as their primary internet interface, apps will need a new way to show up inside those environments.”

Read more: Coinbase’s Base to focus on tokenized markets, stablecoins, developers this year

A $250 million medical clinic launched by Cardano creator Charles Hoskinson is shutting down after scaling too quickly and burning through cash left it “no longer financially sustainable.”

When the Hoskinson Health and Wellness Clinic opened in Wyoming in 2023, Hoskinson claimed it would become the “Mayo Clinic of the West,” where a wide variety of specialised healthcare would be available to locals from the rural region.

However, despite the fanfare, in December 2025, two concreting firms created by Hoskinson, which were helping to expand the clinic, announced 136 layoffs. The clinic itself then announced a further 40 job cuts in January.

The clinic, which was decorated with some of Hoskinson’s favourite knicknacks, including talking robots, space NFTs, and Roman coins, subsequently admitted that it had scaled too quickly and was burning through cash.

Hoskinson said at the time, “The blame for growing too fast falls on the Hoskinson family. We moved too quickly because we wanted to say ‘yes’ to every request for help.”

Five months on, the Cowboy State Daily reports that the clinic’s leaders informed staff on Friday that the clinic would shut down on July 31.

Read more: Cardano crisis: senior dev quits after Hoskinson calls in the feds

A spokesperson said, “We have reached the difficult conclusion that the organization is no longer financially sustainable in its current form.”

The clinic posted on Facebook, “We set out to create something very ambitious: a place where patients in our rural community could access advanced care, specialty providers, prevention programs, and modern medical technology without having to leave the region.”

Patients, staff, and the community will supposedly see “an orderly, compassionate, and responsible transition.”

“Our last day of patient appointments is July 31, 2026. Between now and then, our full team remains committed to your care. We strongly encourage you to establish care with a new provider before our closing date so there is no interruption to your healthcare,” it posted.

Hoskinson leaves patients and doctors scrambling for help

Hoskinson claims that his clinic was serving between 18,000 and 20,000 patients. Cowboy State Daily spoke with some of these patients who will be impacted by the closure. 

Shawnna Langdon, who lives with aggressive rheumatoid arthritis, relied on the clinic’s vicinity to her home to help with her pain. The next nearest clinic is in South Dakota.

She planned to transfer all her rheumatology care to the clinic this summer, but is now rushing to find new doctors and reschedule surgery that was cancelled.

Other patients took to online forums to express their sadness over the closure. Doctors who were slated to start work at the firm in January were also hung out to dry and told there was no job for them. 

One anonymous doctor claimed they completed their background check and fulfilled all the relevant requirements before their offer was withdrawn. 

They said, “When I asked them why the offer was withdrawn, they told me it’s a business organization decision. The team decided not to open the position.”

“This has been extremely difficult for me, like right now, personally and professionally,” they claimed, adding that they were preparing to relocate for the job.

“It’s a very hard time for me now,” the doctor added. 

The clinic housed Roman coins, NFTs, and robots

Cowboy State Daily describes the clinic as a “personal museum of Charles Hoskinson’s globe-trotting life.”

Dotted throughout the clinic are Hoskinson’s favourite works of art, Roman coins, a replica of the Book of the Dead, and an NFT that was “flown” into space, all on display. 

The waiting room is modeled on his favorite Swedish hotel, there’s an “infinity room” that uses mirrors to display your reflection an infinite number of times, and another infinity statue in the waiting room.  

There were replica robots from the sci-fi series Lost in Space and The Forbidden Planet, and plans to install several exotic fish and dart frog enclosures. 

Read more: Cardano whale slams Charles Hoskinson, calls for voting revolt

The building was also going to include a private “napatorium” where Hoskinson could sleep. The room was inspired by Thomas Edison and his attempts to enter a semi-lucid state where he could come up with creative ideas. 

Hoskinson’s mum, Patricia Hoskinson, claimed when showing reporters the clinic that, “He takes power naps, OK, and so that’s where he gets all these brilliant ideas.”

Plans for the clinic also included hanging dinosaur fossils from the ceiling and the inclusion of Godzilla and Mothra figures. 

The decision to fill the facility with oddities left some Cardano supporters angry at Hoskinson’s decisions to torch billions of his ADA on a “vanity clinic.”

The X account belonging to former Cardano crypto project Meshnet Capital said, “Talking robots, a napatorium, space NFTs, Roman coins on the walls. Now closing. His bailout token flopped because he already burned the community. Cardano was the slow rugpull.”

Other users complained that Hoskinson spent millions on “personal pet projects,” while some compared him to a “snake oil salesman.”

One former Cardano supporter who goes by the X username “@thecardanotimes,” said yesterday that they devoted their life to the project, and that they’ll “never forgive Charles Hoskinson for his greed, his ego, and now his desperation.”

Read more: Cardano has lost $15B since Trump reneged on Strategic Reserve promise

Hoskinson has yet to address the clinic’s closure on his X account. 

He has, however, suggested how to reset the project’s governance structure and put himself forward as a DRap, someone who can vote on governance proposals on behalf of others. 

Last November, one of Hoskinson’s senior developers, Roman Kireev quit Input | Output after Hoskinson expressed his support for an FBI investigation into a staking pool operator who “accidentally broke” the network while “vibe coding.”

Protos has reached out to the Hoskinson Health and Wellness Clinic for comment and will update this piece should we hear anything back.

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