Crypto World
Hyperliquid HIP-3 Open Interest Hits $1.4B as Tokenized Commodities Surge
Hyperliquid’s HIP-3 aggregated open interest smashed through records to hit $1.74 billion on Sunday, marking a 25% vertical climb from $1.39 billion just last week.
The surge is not being driven by Bitcoin or Ethereum, but by a massive capital rotation into tokenized commodities via Trade.xyz, the ecosystem’s dominant interface.
While the broader crypto market chugs sideways and traditional commodity markets face volatility, traders are aggressively bidding RWA (real-world asset) perp markets, with WTI crude oil volumes now flipping major crypto pairs.
- Open Interest: Aggregated HIP-3 markets hit a record $1.74B, with Trade.xyz commanding 91.3% market share.
- Key Driver: Tokenized commodities like WTI Crude and Silver are outpacing crypto native assets in volume.
- Market Signal: Traders are using DeFi rails for 24/7 exposure to Middle East geopolitical risks, bypassing legacy market hours.
Data Deep Dive: Oil Flips Ethereum on Hyperliquid
The numbers confirm a structural shift in how traders are using Hyperliquid. Trade.xyz—built by Hyperliquid’s tokenization arm Hyperunit, now holds $1.58 billion in open interest.
That is 91.3% of the total HIP-3 market. This is no longer a crypto-derivative story; it is a traditional asset story running on crypto rails.
On Monday, Trade.xyz reported 24-hour volumes peaking at $5.6 billion with over 45,300 unique daily traders. The composition of this volume is striking.
WTI crude oil generated $1.27 billion in 24-hour volume, followed by Brent oil at $1.04 billion and silver at $1.01 billion. For perspective, these RWA volumes effectively flipped Ethereum trading activity on the platform during peak hours.
Traders are voting with their liquidity: the HYPE token has rallied over 50% year-to-date, decoupling from Bitcoin’s 15% drawdown over the same period.
The driver is geopolitical, not technological. Escalating tensions in the Middle East have injected massive volatility into energy markets, creating an urgent demand for continuous price discovery.
Traditional brokerage accounts close on Friday evenings and do not reopen until Sunday night or Monday morning. Hyperliquid’s HIP-3 markets never close.
When news breaks over the weekend, legacy traders are frozen. On Hyperliquid, you can hedge immediately.
This 24/7 capability is solving a genuine market friction for tokenized commodities. The platform is capturing flows that would usually sit trapped in closed order books. As new derivatives platforms enter the market such as OneBullEx launching AI-native futures, the competition for this 24/7 liquidity layer is intensifying, but Hyperliquid currently has the first-mover massive volume advantage.
What to Watch Next
The growth of Trade.xyz validates the thesis that DeFi infrastructure can service traditional finance flows. However, the regulatory optics are heating up. As lawmakers scrutinize tokenization, the permissionless nature of HIP-3 listings could attract attention from the CFTC if US volumes are significant. Until then, the trend is clear: liquidity is moving on-chain.
Traders should also monitor the rollout of HIP-4, which is currently in testnet. This upgrade introduces permissionless prediction markets, potentially expanding the ecosystem beyond commodities and into event contracts. If HIP-4 replicates the adoption curve of HIP-3, the HYPE token could see another repricing event as the protocol diversifies its fee generation further.
Discover: The best new crypto in the world
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The New York Stock Exchange (NYSE) has signed a memorandum of understanding (MoU) with tokenization platform Securitize, as part of a broader effort to develop blockchain-based stock trading infrastructure for Wall Street.
Securitize will become the first digital transfer agent, enabling it to mint blockchain-based shares for stocks and exchange-traded funds (ETFs) on the upcoming tokenized securities platform, the Digital Trading Platform, according to a Tuesday announcement from Intercontinental Exchange (ICE), parent company of the NYSE.
Under the MoU, the companies plan to develop a digital transfer agent program and standards for digital transfer agents and tokenization agents, with a focus on regulatory, operational and technology requirements for tokenized securities infrastructure.
The announcement builds on ICE’s Jan. 19 plan for a tokenized securities venue designed for 24/7 trading, instant settlement, stablecoin-based funding and onchain settlement.
ICE said the planned venue is designed to support both tokenized shares that are fungible with traditionally issued securities and securities issued natively as digital tokens, while preserving traditional shareholder dividends and governance rights. Tokenized stocks are shares of traditional company stocks minted on the blockchain ledger, offering investors exposure to stock prices with advantages including 24/7 accessibility and fractional ownership.
The agreement is the latest sign that major exchange operators are building blockchain-based trading and settlement infrastructure, even as the regulatory and market structure for tokenized public securities is still taking shape.
The news follows the US Securities and Exchange Commission giving the regulatory greenlight to Nasdaq’s pilot proposal on Thursday to support the trading of tokenized versions of high-volume stocks and securities.
“As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect,” said Lynn Martin, president at NYSE Group.
Related: US financial markets ‘poised to move on-chain’ amid DTCC tokenization greenlight
Tokenized stocks surpass $1 billion amid rising demand
Investor demand for blockchain-based tokenized stocks is increasing. The total value of tokenized stocks surpassed $1 billion on March 10, in a significant milestone for the real-world asset (RWA) sector.
Over the past 30 days, tokenized stockholders rose by 16% to 193,140, while the monthly transfer volume increased by 45% to $2.5 billion, according to data from RWA.xyz.
Still, tokenized stocks are only the sixth-largest segment of the $26 billion value locked into tokenized RWAs. Tokenized treasury debt was ranked first with $11.8 billion, and tokenized commodities second with over $5 billion.
Some of the leading crypto exchanges are also racing to launch tokenized stock offerings. Coinbase launched 24/7 stock perpetual futures for non-US traders on Friday, offering cash-settled exposure to major US stocks and indices, including Apple and Nvidia.
Crypto exchanges Binance and Kraken have also launched tokenized perpetual futures trading for non-US traders, along with numerous other offshore platforms.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?
Bitcoin price is ripping. BTC USD reclaimed $71,000 Tuesday afternoon, erasing weekend losses immediately after President Trump ordered a five-day delay on strikes against Iranian energy infrastructure.
The sudden de-escalation signal triggered a violent capital rotation: oil futures collapsed nearly 10%, gold prices retreated 3.7%, and crypto assets surged in a classic risk-on relief rally.
Traders were positioned for immediate escalation following the expiration of a 48-hour ultimatum, but the pause caught bears offside.
While West Texas Intermediate (WTI) crude plummeted to $85.45 on the news, Bitcoin decoupled from the broad commodity sell-off, validating its role as a liquidity gauge rather than a pure safe haven in this cycle.
- Price Action: Bitcoin rallied from a low of $67,436 to a high of $71,782 within hours of the announcement.
- Macro Shift: Oil and gold plunged as war risk premiums evaporated, boosting risk asset liquidity.
- Market Signal: Short sellers were liquidated as sentiment flipped from fear to greed in under 60 minutes.
Can Bitcoin Price Reclaim $72,000 Price Resistance?
Bitcoin held $68,000 through peak uncertainty and is now pushing into the supply zone above $71,500.
Bulls need one thing: a confirmed 4-hour close above $72,000. That invalidates the lower-high structure built earlier this month and opens the next leg up.
Daily RSI has reset from overbought and is trending up near 58. Room for continuation exists. The 50-day EMA is the critical floor. Lose it and this rally gets exposed as a headline-driven bull trap.
Bull case: reclaim $72,000, consolidate, retest the March high at $75,620. Bear case: rejection at $71,800 sends price back to $68,500. Lose that and $65,000 opens up.
The short squeeze did the heavy lifting on the way up. CoinGlass data shows over $271 million in short positions liquidated in the hours after the White House announcement. Traders positioned for a breakdown below $67,000 got wiped and their forced covering poured fuel on the move.
Funding rates have ticked up but open interest has not reclaimed year-to-date highs. Spot buying and short covering are driving this, not leveraged froth. That is a healthier signal for trend sustainability than a derivatives-led pump.
The Macro Pivot: Why $85 Oil Matters
The correlation between Bitcoin and energy markets has inverted. While oil prices tumbled 9.8%—with Brent crude falling to $98.66—Bitcoin surged. This highlights the market’s current logic chain: lower oil prices reduce the risk of sticky inflation, which in turn lowers the probability of a hawkish Federal Reserve response.
Gold, traditionally the primary safe haven, dropped 3.7% as the immediate war premium exited the market. This divergence is critical.
While Bitcoin and gold decoupled during the Hormuz crisis, today’s action confirms that crypto is trading on liquidity dynamics rather than fear. When the threat of $150 oil vanished, the liquidity outlook improved, and Bitcoin pumped.
Investors should monitor the five-day deadline closely. If tensions flare again and oil reclaims $100, the headwinds for risk assets will return.
Traders are watching $70,000 holding as support into the daily close. Maintain this level, and the path to new highs is open. Fail here, and the market returns to choppy consolidation. The trend is up, but the geopolitical fuse is still lit.
BTC USD Price Is Bullish, And Investors Are Ready to Rotate to Infrastructure as Hyper Targets SVM Scalability
As the gold price crash and Bitcoin rally reshape portfolio allocations, smart money is beginning to rotate profits into high-growth infrastructure plays.
While Bitcoin secures its position as digital collateral, attention is turning to Bitcoin Hyper (HYPER), a protocol focused on bringing scalability to the Bitcoin network through high-performance Layer 2 solutions.
Bitcoin Hyper has now raised over $32 million in its ongoing presale, signaling strong institutional appetite for Bitcoin-native DeFi.
The project targets the scalability dilemma by integrating Solana Virtual Machine (SVM) architecture directly with Bitcoin’s security layer. With the token currently priced at $0.0136 and staking APY exceeding 89%, early entrants are positioning for the next phase of the Bitcoin ecosystem evolution.
Investors looking to hedge against spot volatility are diversifying into infrastructure layers that capture transaction volume regardless of short-term price action.
Visit the Official Bitcoin Hyper Website Here
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NEW YORK — Amy Oldenburg, the head of digital asset strategy at Morgan Stanley (MS), rejected the idea that Wall Street is only now embracing crypto due to fear of missing out, arguing that large banks are acting after years of preparation.
“TradFi is getting FOMO and is now getting involved … it really isn’t accurate,” Oldenburg said during a panel at the Digital Asset Summit in New York on Tuesday. “We’ve been on a journey around the entire modernization of financial infrastructure for years.”
Her comments come as major U.S. banks, long seen as cautious on crypto or latecomers to the industry, begin to expand their offerings. For years, firms like Morgan Stanley restricted activity to indirect exposure, such as offering wealthy clients access to bitcoin funds.
More recently, that’s included spot bitcoin exchange-traded funds (ETFs) on its E*Trade platform and the bank this month even filed to launch its own spot bitcoin ETF.
Broader participation was slowed by regulatory uncertainty and concerns around custody, compliance and market structure. That stance has started to shift, and Morgan Stanley has now outlined a more defined digital asset strategy, with efforts spanning trading, asset management and infrastructure.
Oldenburg said the bank is preparing to support tokenized equities trading on its alternative trading system.
“One of the things that we are planning for the second half of 2026 is turning on our trajectory cross … to support tokenized equities later this year,” she said. The platform already handles equities, ETFs and American depositary receipts (ADRs), which she described as a natural base for expansion.
Inside the firm, the transition requires reworking core systems. “We are having to re-teach ourselves what legacy infrastructure, pipes and plumbing look like,” Oldenburg said, pointing to the challenge of upgrading decades-old financial architecture to support faster settlement and continuous trading.
She also highlighted a gap between crypto startups and large institutions.
“There’s so many other connectivity points that we need to plug in around it,” she said, noting that founders often underestimate how complex bank systems are.
Even so, areas like stablecoins are gaining traction as a way to move money faster and at lower cost than traditional systems.
Adoption, however, depends on coordination across the financial system. “We can’t just modernize on our own,” Oldenburg said. “This is an incredibly complex, integrated global network.”
Despite weak token prices, she said activity continues to build. “It really is very early innings,” Oldenburg said, signaling that Wall Street’s deeper integration with crypto may be gradual, but its underway.
Momentum is building across US states to regulate or restrict prediction markets, with multiple legal actions targeting platforms such as Kalshi.
On March 20, Carson City District Court Judge Jason Woodbury in Nevada made his state the first to issue a temporary ban on prediction market Kalshi from operating. Gaming officials said that the platform violated state gambling laws.
Nearly a dozen other states have also issued various forms of legal proceedings. Most have filed cease-and-desist letters, while Arizona has even brought criminal charges against Kalshi. Other states are considering new legislation for prediction markets.
The patchwork enforcement across states has brought national attention, and regulations at the federal level are looming.
Nevada bans Kalshi while Arizona opens criminal charges
In 11 states across the US, local authorities have taken legal action against prediction markets like Kalshi and Polymarket.
The state of Nevada managed to initiate a temporary ban, which blocked Kalshi from operating in the state for 14 days. The motion was initially put forward by the Nevada Gaming Control Board.
The board’s chair, Mike Dreitzer, said that prediction markets “facilitate unlicensed gambling” and are therefore illegal in the state. “We have a statutory duty to protect the public,” he said.
Sports betting and gaming lawyer Daniel Wallach wrote that the order prevents Kalshi from offering “event-based contracts relating to sports, politics and entertainment to people within Nevada without first obtaining all required licenses.”
Just a few days earlier, the neighboring state of Arizona filed criminal charges against the firms behind Kalshi. Arizona Attorney General Kris Mayes’ office filed a complaint, alleging that Kalshiex LLC and Kalshi Trading LLC were “running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law.”
The announcement claimed Kalshi ”accepted bets from Arizona residents on a wide range of events in violation of Arizona law. These events included professional and college sporting contests, proposition bets on individual player performance, and whether the SAVE Act would become law.”
Betting on sports requires a gaming license, and Arizona law outright bans bets on elections.
Other states have either put forward or are considering new regulations. In Utah, State Representative Joseph Elison put forward HB243, which would define proposition betting as “a gambling bet on an individual action, statistic, occurrence, or non-occurrence.”
In Pennsylvania, Representative Danilo Burgos announced plans to introduce legislation that would regulate prediction markets and put them under the regulatory purview of the Pennsylvania Gaming Control Board. The bill will propose:
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a 34% state tax and 2% local share assessment on gross revenue,
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to ban underage users,
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to include self-exclusion lists for user protection, and
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strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
Numerous other states have issued cease-and-desist letters to prediction markets and attempted to block their activities through the courts. Not all of them have been successful. In Tennessee, Judge Aleta Trauger of the US District Court for the Middle District of Tennessee blocked a state injunction that would prevent Kalshi from operating there. The court concluded that the event contracts were “swaps” under the Commodity Exchange Act (CEA), which gives the US Commodity Futures Trading Commission (CFTC) exclusive jurisdiction.
Kalshi did not respond to Cointelegraph’s request for comment at publishing time.
Who should regulate prediction markets?
The patchwork of different enforcement actions — and varying reactions to them by different courts — has brought into question who should regulate prediction markets and how. Prediction markets and their proponents believe that the power should lie with the federal government and the CFTC.
Elison, the sponsor of the law in Utah, told local media, “It’s a huge gray area and there’s lots of lawsuits all over the country right now […] debating this very thing, trying to find out what are the actual definitions.”
“They’re flying under what’s called prediction markets, and prediction markets are regulated by the Federal Commodities Exchange [sic]. That’s why they’re able to do it,” he said.
A Kalshi spokesperson previously told Cointelegraph, “States like Arizona want to individually regulate a nationwide financial exchange, and are trying every trick in the book to do it. As other courts have recognized and the CFTC affirms, Kalshi is subject to federal jurisdiction.”
“It’s different from what sportsbooks and casinos offer their customers, and it should not be overseen by a patchwork of inconsistent state laws,” they stated.
Aaron Brogan, founder of crypto-focused law firm Brogan Law, wrote, “Prediction markets’ ‘crime,’ the reason that so many states have pursued and will continue to pursue action against them until they win or are stopped, has nothing to do with the merits of these markets.”
Since they are currently regulated under the CEA, and therefore under the oversight of the CFTC, “states will not be able to control them, and more importantly, may not be able to tax them,” Brogan said. According to the American Gaming Association, at stake is billions of dollars in tax revenue across the 40 states where online sports betting is legal.
Some state lawmakers aren’t so shy about this. Burgos wrote that the “regulatory arbitrage” of prediction markets skirting state laws “leaves our constituents vulnerable and deprives the commonwealth of significant tax revenue.”
Speaking to local media, he said that the state should have the ability to tax an activity, particularly when it can harm constituents. “It’s another opportunity to expand the tax base. […] And like everything else that has a potential harm for our community, for our communities. It can create bad habits or worse habits in our communities. That’s one of the dangers that I see.”
There is also pressure at the federal level on prediction markets. Senator John Curtis of Utah introduced a bill called the Prediction Markets Are Gambling Act. This would amend the CEA to prevent “event contracts involving sports and casino-style games.”
Curtis told Utah state media that the act would put power back with the states. “Our bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming. The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families and keeping speculative financial products out of spaces where they don’t belong.”
In the meantime, the CFTC is seeking public input on its rulemaking for prediction markets. The CFTC currently has just one sitting commissioner, Chair Michael Selig. He has previously stated the agency would defend prediction markets.
According to Brogan, if the CFTC further liberalizes prediction markets, and the issue of preemption goes to the Supreme Court, “all that counts, through all the sound and fury, is counting to five.”
Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan: Asia Express
Network Strength Signals Growth
Monero continues to show strong network performance alongside rising demand. Its hash rate has climbed steadily, reflecting increased miner participation and confidence in the network. Moreover, consistent transaction activity indicates sustained user engagement rather than short-term speculation across the ecosystem. Search data highlights growing interest in private crypto conversions. Queries related to Bitcoin to Monero exchanges have reached their highest levels since 2022. Consequently, this trend aligns with increased awareness of financial privacy risks tied to transparent blockchain systems.
Blockchain tracking capabilities have advanced rapidly across global markets. Firms like Chainalysis and Elliptic now provide real-time monitoring tools used by authorities in multiple jurisdictions. As a result, Bitcoin transactions linked to regulated exchanges often create traceable records tied to user identities. Governments have introduced stricter rules governing digital asset transfers. The European Union and the United States have expanded reporting obligations for crypto transactions. Furthermore, similar frameworks in Asia and Australia have increased compliance requirements, limiting anonymous activity on regulated platforms.
Security incidents involving centralized exchanges have heightened privacy concerns. Several breaches exposed sensitive user information, including identification documents and transaction histories. Consequently, affected users face increased risks related to fraud and targeted attacks. The ecosystem supporting Bitcoin to Monero swaps has matured significantly. Non-custodial platforms now offer fast conversions without requiring user accounts or identity verification. Additionally, decentralized protocols and atomic swap tools have improved accessibility for users seeking direct cross-chain exchanges. Market behavior shows a clear preference for financial privacy features. Users increasingly treat Monero as a reserve for private transactions rather than speculative investment. Moreover, the ability to move funds discreetly has become a key consideration in portfolio strategies.
Strength of Network Data Signals
Monero also records consistent network traffic throughout this season of demand. The day-to-day transactions exceed 40,000, which is near the network’s high. The hash rate is constantly increasing, indicating sustained miner support and long-term confidence in the network. Search activity shows growing attention to private crypto conversions. The number of queries for Bitcoin-to-Monero swaps has been the highest since 2022. This trend aligns with heightened sensitivity to traceable financial transactions in financial records.
Chainalysis and Elliptic are examples of blockchain analytics firms that continue to expand their monitoring capabilities. They are now used to aid regulators and tax authorities across regions. Consequently, transactions involving regulated exchanges often leave a trace. Authorities have proposed broader reporting requirements for digital asset transactions. Compliance rules have been extended to exchanges by the European Union and the United States. Moreover, the same regulations have been enforced in Asia and Australia, increasing pressure on users within regulated systems.
Breaches in centralized platforms’ security have contributed to users’ concerns. Several breaches exposed personal identification data and transaction histories. As a result, users are increasingly concerned about privacy to reduce risks from data exposure and targeted attacks. The service that facilitates Bitcoin-to-Monero conversion has also developed. Swaps such as GhostSwap do not require account creation or identity verification. Additionally, decentralized protocols like THORChain offer more liquidity for cross-chain transactions.
Market Behavior Adjusts
The behavior of users is now characterized by an increased emphasis on financial privacy. The use of Monero by many holders is as a means of conducting confidential transactions rather than a speculative instrument. Furthermore, fast and immediate conversion features have become a major necessity for active crypto users. Increasing surveillance, growing regulations, and recurring data breaches continue to influence user preferences. As a result, Bitcoin-to-Monero swaps have become a key component in facilitating private transactions in the digital asset market.
Resolv Labs has temporarily paused its protocol after an exploit on Sunday in which an attacker minted 80 million unbacked tokens, knocking the dollar stablecoin sharply off its peg and briefly plunging the token to $0.14.
The Resolv Foundation team announced on X on Monday evening that all protocol functions, including the app, were temporarily halted “to contain the impact of the exploit,” freezing Season 4 airdrop claims as well as staking and unstaking of RESOLV tokens.
Resolv previously said the collateral pool remained intact with no loss of underlying assets, despite onchain analysis showing that the attacker had successfully converted most of the minted USR into Ether (ETH) and sold around $25 million. USR is currently trading near $0.24, far below its intended dollar peg.
In an onchain ultimatum on Monday, Resolv offered the exploiter a white hat-style deal: return 90% of the converted funds (around $25 million in ETH) plus all remaining USR within 72 hours, keep 10% as a bounty, and cease further activity or face the consequences.
“Failure to comply within the stated timeframe will result in escalation,” the ultimatum states, such as asset freezes coordinated with exchanges and bridges, public tracing and law enforcement action. There have been no movements on the main wallet since.
Michael Pearl, vice president GTM and strategy at Web3 security company Cyvers, told Cointelegraph that redemptions had reopened only for legitimate pre-exploit holders, while Resolv and partners continued to trace “bad USR” and prepare a full post-mortem.
Related: Balancer Labs shuts down 4 months after $100M+ exploit, protocol to continue
Resolv exploit reignites stablecoin PTSD
Beyond Resolv, the incident has rekindled the industry’s unresolved trauma from the Terra ecosystem collapse of 2022, when the Terra USD (UST) algorithmic stablecoin’s death spiral erased tens of billions of dollars in value and reshaped regulatory and risk perceptions around stablecoins.
Pearl said the USR depeg had “opened a Pandora’s box,” noting that it had triggered roughly $180 million in liquidations on lending protocol Morpho and some $334 million in outflows from lending and liquidity platform Fluid, but “limited spillover overall,” as nervous stablecoin issuers revisit their own assumptions about peg reliability.
“We hear many stablecoin platforms that are petrified after this exploit,” he said, and with decentralized finance (DeFi) now deeply intertwined with stablecoins, Pearl warned that while protocols can sometimes absorb hacks and move on, a serious failure at the stablecoin layer “can finish the company,” a risk that USR’s collapse has just put back in sharp focus.
Magazine: South Korea gets rich from crypto… North Korea gets weapons
Solana launches an API-based developer platform for institutions, landing Mastercard, Western Union and Worldpay as early users for stablecoin and payment rails.
Summary
- The Solana Foundation launched the Solana Developer Platform (SDP) on March 24, a unified API-based platform targeting institutions and enterprises building tokenized assets, stablecoins, and payment flows on Solana.
- Mastercard, Western Union, and Worldpay have signed on as first adopters, with use cases spanning stablecoin settlement, cross-border payments, and merchant settlement.
- The platform launches as Solana processed a record $650 billion in stablecoin volume in February 2026, surpassing both Ethereum and Tron to become the leading chain for stablecoin activity.
The Solana Foundation on March 24 launched the Solana Developer Platform, a one-stop API-based infrastructure layer designed for financial institutions and enterprises seeking to build tokenized deposits, stablecoins, and real-world payment flows directly on the Solana (SOL) blockchain — with Mastercard, Western Union, and Worldpay joining as its first institutional adopters.
The announcement lands at a moment of considerable momentum for Solana as a payments infrastructure. In February 2026, the network processed a record $650 billion in stablecoin volume, more than doubling its previous peak and overtaking both Ethereum and Tron to claim the largest share of the $1.8 trillion global stablecoin market. The stablecoin sector itself now sits at approximately $328 billion in total market capitalization, according to rwa.xyz.
Solana – A Platform Built for Institutional Scale
The SDP is structured around three core modules: issuance, payments, and trading. The issuance and payments modules are live immediately, allowing institutions to issue tokenized deposits, GENIUS-compliant stablecoins, and tokenized real-world assets, while also managing fiat and stablecoin flows — including on-ramps, off-ramps, and on-chain transactions. A trading module supporting atomic swaps, vaults, and on-chain foreign exchange is expected later in 2026.
To underpin institutional requirements, Solana integrated more than 20 infrastructure partners across node infrastructure, wallets, compliance, and payment ramps. Modern Treasury, the payments software company, was selected as the platform’s payments infrastructure partner. “Solana processes tens of millions of transactions daily with near-instant settlement,” said Matt Marcus, co-founder and CEO of Modern Treasury. “By integrating Modern Treasury’s payments software, we’re helping make that infrastructure usable for enterprises that need strong controls, reliability, and compliance from day one.”
The three launch partners each represent a distinct institutional use case. Mastercard has joined to explore stablecoin settlement, Worldpay is using the tools for merchant payments and settlement, and Western Union — which has been deepening its Solana footprint since partnering with Crossmint in March to support its USDPT stablecoin on the network — is using the platform for cross-border payment flows.
Malcolm Clarke, VP of Digital Assets at Western Union, framed the integration as an extension of the company’s core infrastructure rather than a replacement. “Solana Developer Platform lets us extend what Western Union already does best — moving money reliably across borders — by adding an API-driven, on-chain layer that can orchestrate fiat and stablecoin flows end-to-end,” Clarke said. “It’s not a replacement for our network; it’s a modern extension that helps us innovate faster, expand new use cases, and bring more cross-border activity on-chain in a scalable, compliant way.”
Catherine Gu, Head of Product for Digital Assets at the Solana Foundation, described the platform as an “easy gateway” for any institution to start building immediately, noting that the fully API-based design removes the technical and operational barriers that have historically slowed enterprise blockchain adoption.
Solana’s Institutional Moment
The SDP launch is the latest in a string of enterprise moves on Solana, which has increasingly positioned itself as the settlement layer of choice for payment-focused blockchain applications. Wyoming launched its state-issued FRNT stablecoin on Solana in January 2026, while Backpack rolled out on-chain IPO access using Solana rails in March. SOL was trading near $84 to $95 at the time of the announcement, with $80 acting as key near-term support.
Nasdaq and Talos are wiring legacy infrastructure directly into crypto trading stacks to release $35 billion in stagnant capital. The partnership, announced Monday, integrates Nasdaq’s Calypso risk platform and Trade Surveillance technology with Talos’s institutional liquidity network.
This is not a pilot program. It is an industrial-scale attempt to solve the collateral bottleneck slowing institutional adoption employed by major banks. By bridging the gap between digital assets and traditional finance (TradFi), the move targets the inefficiency of capital sitting idle in redundant buffers.
- Deal Mechanics: Nasdaq Calypso and Trade Surveillance now run natively within the Talos institutional trading stack.
- The Problem: Fragmented systems lock up roughly $35 billion in collateral across “corrective and non-interest-bearing measures.”
- Market Implication: Real-time mobility for tokenized RWAs and traditional assets removes a critical barrier to institutional scale.
The Problem: What “Trapped Collateral” Actually Means
Institutional capital is notoriously inefficient. Nasdaq’s internal research estimates $35 billion in collateral sits idle at any given moment, tied up in “corrective and non-interest-bearing measures.” In plain English, this is dead money.
It is capital trapped in transit between fragmented settlement layers or locked in safety buffers because risk systems cannot talk to each other. For firms trading across digital and traditional markets, the friction is double. Moving Treasuries to cover a crypto margin call historically involves T+1 settlement lag and manual reconciliation.
That lag forces traders to pre-fund positions, killing capital efficiency. The bottleneck is not liquidity. It is mobility.
Talos increasingly sits at the intersection of traditional capital markets and digital assets. Today, we're proud to announce we're partnering with @Nasdaq to connect Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms. — Talos (@talostrading) March 23, 2026
Read the… pic.twitter.com/90LF6jHUTO
The integration pipes Nasdaq’s post-trade infrastructure directly into the pre-trade execution environment. Talos clients—spanning hedge funds and brokers—gain access to Nasdaq Calypso, a platform already used by standard-bearer financial institutions for treasury and collateral management.
This creates a unified workflow. A trader can now manage tokenized real-world assets (RWA) alongside spot crypto and traditional equities through a single lens. “The evolution toward tokenized collateral is a natural progression for institutional capital markets,” said Anton Katz, Talos CEO.
Crucially, Nasdaq is also deploying its Trade Surveillance engine here. This allows firms to detect wash trading, layering, and spoofing across venues in real-time. It brings Wall Street audit trails to crypto rails.
Why Now: The Institutional Tokenization Push
This is not happening in a vacuum.
The race to tokenize real world assets has moved from experimental pilots to production infrastructure. BlackRock, DTCC, and Euroclear are all positioning to control the rails of tokenized collateral. Nasdaq’s decision to integrate Calypso rather than build a new crypto-native tool tells you everything about the strategy. They are not joining the new frontier. They are bringing the existing fortress to it.
Institutions are done with sandboxes. Firms either adapt their infrastructure or lose the asset flow. The fracture happening at legacy institutions is not a warning. It is already the outcome.
The surveillance component is the stick behind the carrot. By embedding Nasdaq’s abuse detection tools, Talos splits the market in two. Venues with institutional-grade surveillance on one side. Gray-market pools where wash trading still runs unchecked on the other. The gap between institutional crypto and TradFi is narrowing fast.
Atomic settlement of tokenized collateral kills the counterparty risk that terrified credit committees after FTX. Nasdaq EVP Roland Chai framed the problem directly. The industry cannot manage exposure across markets with a single risk and asset lens. That lens is now in place.
Unlocking $35 billion in collateral efficiency is the opening bid. Not the prize.
The infrastructure phase of this bull market is quiet and violent at the same time. Retail is chasing meme coins. Nasdaq and Talos are replumbing the settlement layer underneath them.
The real prize is becoming the default operating system for the next generation of capital.
Discover: The best new crypto in the world
The post Nasdaq and Talos Move to Unlock $35 Billion in Trapped Collateral appeared first on Cryptonews.
Crypto finance is only now beginning to provide an environment that matches traditional finance: ways to earn steadier, more predictable returns — similar to bonds or savings products, according to Aave Labs founder Stani Kulechov and Ethena CEO Guy Young.
“Most fixed income is like the distribution of risk in different formats … basically just slicing and dicing and distributing risk,” Young said during a panel at Digital Asset Summit (DAS) in New York. “This piece of DeFi was probably the least featured two years ago.”
Until recently, crypto users mostly traded tokens or borrowed against them, often chasing high, unpredictable yields. New tools make it possible to lock in returns, even in a market known for big swings.
“What you’re doing with Pendle is providing a fixed-to-floating rate swap,” Young said, referring to a system that lets users choose between more stable or more variable returns — similar to choosing between fixed or adjustable interest rates.
That’s not easy in crypto. “It’s very difficult to know three months out what the market is actually going to look like,” he said.
Kulechov said Aave has helped support this shift by providing deep pools of capital that other projects can tap into. “Aave is sort of acting as a liquidity sink,” he said, helping “bootstrap a lot of the new coming products in DeFi.”
For now, much of the money being made still depends on trading rather than traditional lending. “A lot of DeFi yield … is largely still based on … leverage,” Kulechov said.
Over time, that could change as more real-world assets move onchain, a process known as tokenization.
“A lot of the yields and a lot of the economics will come from the traditional finance,” he said.
Read more: Ethena-backed suiUSDe stablecoin goes live on Sui with $10 million yield vault launch
Crypto has gone mainstream as a financial asset class and TradFi institutions now feel obligated to dip their toes into the space, if only to show their existing clients that they aren’t afraid to handle innovative technologies.
The problem, for some of them, is that staking — one of crypto’s most basic primitives — is still considered too dangerous. It exposes institutions to risks they are structurally unwilling to accept, like slashing, downtime, operational failures and returns that resist forecasting. As a result, many firms have limited themselves to holding spot ETH or spot SOL or avoided the assets entirely.
That dynamic is now changing. A new generation of insurance-backed staking products, structured around the Composite Ether Staking Rate (CESR) benchmark and underwritten by regulated insurers, is reframing staked ETH as something closer to an institutional yield product than a speculative crypto experiment.
For cautious TradFi firms, this shift matters far more than marginal improvements in headline yield. It opens up a fundamental crypto vertical to a new set of investors.
The institutional appeal of staked ETH
Holding spot ETH offers pure exposure to price appreciation and drawdowns. But staked ETH introduces a recurring yield component that improves total return over time and partially offsets volatility. For institutions accustomed to thinking in risk-adjusted terms, this reframes ETH exposure closer to dividend-paying equities rather than growth assets.
Liquid staking tokens further strengthen the case, because they allow institutions to earn staking rewards while retaining balance-sheet flexibility. Positions can be rebalanced, used as collateral, or exited — without interrupting yield generation.
Just as importantly, staked ETH derivatives are increasingly accepted as transparent, over-collateralized instruments. For TradFi firms designing secured lending products, yield-enhanced notes, or delta-neutral strategies, staked ETH becomes usable in structure, not just in theory.
Yet despite these advantages, one obstacle has remained stubborn: risk.
How CESR and insurance change the equation
The CESR is a daily, standardized benchmark rate developed by CoinDesk Indices and CoinFund to measure the average annualized yield of ETH validator staking. It serves as a trusted reference rate for institutional staking and derivatives.
Thanks to this benchmark, a new method to earn a safe, long-term yield on ETH is emerging. Insurance companies like Chainproof (in partnership with IMA Financial Group) offer policies that essentially top up investors’ yield if their validator’s returns fall below the CESR benchmark and guarantee reimbursements if slashing occurs.
Benchmarking staking returns to the CESR — and wrapping that exposure with insurance — fundamentally alters how institutions perceive staking. Instead of open-ended technical risk, institutions get a defined, underwritten exposure. Downtime and operational failures are no longer existential threats to expected returns.
With insurance in place, CESR-linked staking begins to resemble instruments that TradFi already understands. The parallels are familiar: insured municipal bonds, enhanced money-market products, or short-duration credit with external credit support. These are not risk-free instruments, but they are priceable. Suddenly, staked ETH can be slotted into existing risk frameworks.
And once staking risk is benchmarked and insured, institutions can responsibly structure CESR-linked products. Capital-protected notes with staking yield, yield-plus strategies combining staking returns with basis trades, or delta-neutral ETH strategies with insured yield floors all become viable. Without insurance, compliance teams block these ideas.
TradFi firms cannot rely on informal assurances when dealing with regulators, LPs, or internal model validation teams. The CESR insurance model allows them to say: “Our exposure to ETH is benchmarked, insured, and underwritten by a regulated third party.” That single sentence materially changes how staking exposure is evaluated across compliance and fiduciary review processes.
Introducing ETH to the broader economy
With appropriate risk mitigation, CESR-linked staking begins to resemble infrastructure yield rather than speculative crypto return. That shift, more than yield itself, is why cautious TradFi firms are finally paying attention.
Ethereum’s long-term value proposition has always rested on its role as a global settlement infrastructure. Staking is the mechanism by which that infrastructure is secured and value accrues to participants. Insurance-backed staking does not change Ethereum’s economics; it translates them into a language institutions can understand.
Cautious TradFi firms are doing what they have always done: adopting new assets once risks are legible, bounded and transferable. They are not suddenly becoming crypto-native. CESR-linked, insured staking meets their needs, and that’s why they’re now quietly embracing staking, even though they once dismissed it.
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