US-listed spot Ether and XRP exchange-traded fund (ETF) inflow streaks ended on Wednesday, marking a reversal after sustained demand.

Spot Ether ETFs recorded $48 million in net outflows on Wednesday, ending 12 consecutive trading days of inflows, according to SoSoValue data. The funds had attracted $1.62 billion during the streak.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led Ether fund outflows with $53.4 million, while the Fidelity Ethereum Fund (FETH) lost $26.2 million and the Grayscale Ethereum Staking ETF (ETHE) shed $23.5 million, according to Farside Investors data. BlackRock’s staked Ether ETF (ETHB) partially offset those withdrawals with around $53 million in net inflows.

Spot XRP ETFs also posted $7.2 million in net outflows, ending an 11-session inflow streak. The streak brought in about $170 million, lifting cumulative XRP ETF inflows to about $1.68 billion.

Bitcoin ETFs moved in the opposite direction, drawing $101.2 million on Wednesday after $236.5 million in net outflows a day earlier.

The shift in ETF flows came as cryptocurrency prices declined, with Ether leading losses over the past seven days, down 3.4%, followed by XRP at 2.4% and Bitcoin at 1.3%, according to CoinGecko. At the time of publication, the three crypto assets traded at $2,407, $1.36 and $77,744, respectively.

Related: Japan’s Remixpoint dumps altcoins, leaves 1,506 BTC as sole crypto bet

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Securitize and Socios.com have partnered to develop regulated tokenized equity offerings that would represent minority ownership stakes in professional sports teams.

The companies said the planned offerings will operate under the Socios Equity Token brand, combining Socios.com’s sports relationships and fan network with Securitize’s regulated securities infrastructure in the United States and Europe.

Socios.com, which is powered by Chiliz Group, will lead relationships with teams, owners and fans. Securitize will handle the regulated side of the offerings, including securities issuance, investor onboarding, ownership records and transfers.

The companies plan to structure the products for two groups of investors. Eligible fans could gain an economic relationship with the teams they support, while institutional and private equity investors could use the offerings to access professional sports franchises as an alternative asset class.

Professional sports franchises represent an estimated $500 billion global market, according to the firms, but ownership stakes have largely remained private and difficult for outside investors to access.

Socios Equity Token would represent regulated team ownership

Socios Equity Tokens would differ from the Fan Tokens that Socios.com has issued with more than 70 sports organizations, most of them soccer clubs.

Fan Tokens have primarily been used to connect supporters with clubs through digital engagement programs and other team-related features. The planned equity products would instead represent regulated securities tied to minority ownership interests in participating professional teams.

Specific ownership rights and other conditions will depend on the terms of each approved offering.

Socios.com has spent years building its sports network around Fan Tokens. During the 2026 FIFA World Cup, Chiliz introduced its Burn to Glory campaign, which linked treasury-held Fan Token burns to match victories by participating national teams.

Crypto.news previously reported that the program covered tokens tied to Argentina, Belgium, Portugal, South Africa and Scotland, with burn percentages increasing as teams progressed through the tournament. The tokens were removed from treasury holdings after qualifying victories instead of being taken from holders.

The sports equity partnership would take Socios.com into a different part of the market, with Securitize providing the infrastructure needed to issue and administer regulated securities.

“By connecting fan engagement with regulated tokenized equity,” the companies said, the initiative is intended for eligible fans seeking a closer economic connection with their teams and professional investors looking for exposure to sports franchises.

No participating teams have been disclosed so far. Offering sizes, investor eligibility requirements, supported blockchain networks and other terms will be announced when individual transactions receive the necessary approvals.

Securitize plans to use its EU DLT system

The Socios Equity Token initiative is expected to become the first project launched through Securitize’s fully authorized European Trading & Settlement System under the European Union’s DLT Pilot Regime.

Securitize secured EU approval for the system in November 2025 after receiving authorization from Spain’s National Securities Market Commission.

The approval allows the company to operate regulated blockchain-based trading and settlement infrastructure across all 27 EU member states. Securitize chose Avalanche for the European system and designed it to connect with its existing U.S. infrastructure.

Under the DLT Pilot Regime, the platform can support tokenized equities, bonds and other financial instruments while combining trading and settlement within a blockchain-based structure.

The sports equity offerings would use that infrastructure if individual transactions move forward, although the companies have not confirmed which networks will support the Socios Equity Tokens themselves.

Securitize CEO Carlos Domingo described professional sports teams as a significant asset class that has remained largely private and difficult to access.

“Securitize’s regulated infrastructure in the United States and Europe can provide teams and their owners with a new way to issue and administer equity while preserving the investor protections and ownership rights that should come with a regulated security,” Domingo said.

The structure could allow team owners to sell minority interests without necessarily giving up control, although the companies have not disclosed how ownership, voting rights or governance would be structured for any specific club.

Those details will depend on each offering, along with applicable securities regulations and investor eligibility requirements.

Securitize has expanded its tokenized securities business

The partnership follows Securitize’s expansion into public markets earlier this year.

Securitize began trading on the New York Stock Exchange in July after completing a roughly $400 million SPAC transaction. On the same day, the company placed its own shares onchain through tokenized versions of SECZ common stock on Solana and Avalanche.

The blockchain-based SECZ shares represent the same common stock traded on the NYSE rather than a separate equity class, according to the company. Securitize acts as the registered transfer agent, allowing ownership records for those shares to be maintained through its tokenization infrastructure.

Its regulated U.S. operations expanded later in July when Securitize Capital became an SEC-registered investment adviser.

The SEC adviser registration became effective on July 22 and placed the subsidiary under federal compliance, disclosure, recordkeeping and examination requirements.

At the time, Securitize said it managed more than $5 billion in assets through relationships with institutional asset managers. Its tokenization business includes BlackRock’s BUIDL fund alongside products connected with firms including Apollo, Hamilton Lane and VanEck.

Financial results published in August showed average tokenized assets under management reached $4.3 billion during the second quarter, up 16% from a year earlier. Aggregate transaction volume reached $5.3 billion, representing a 147% year-over-year increase.

Securitize reported a $21.7 million net loss for the quarter compared with $6.1 million a year earlier, while entering the third quarter with $350 million in cash and no balance sheet debt.

Tokenized real world assets approach $40 billion

The planned sports offerings come as more conventional financial assets are being issued or represented on public and permissioned blockchain networks.

The market capitalization of tokenized real world assets has more than doubled over the past year and is approaching $40 billion, according to RWA.xyz data cited in the announcement.

Tokenized products now span government securities, private credit, investment funds, equities and other financial instruments, while companies including Securitize have built regulated infrastructure connecting blockchain-based records with existing securities frameworks.

Professional sports franchises would add another type of privately held asset to that market if the Socios Equity Token offerings receive approval.

For now, Socios.com and Securitize have not named the teams expected to participate or provided a launch date for the first transaction.

The companies said participating clubs, offering terms, investor eligibility requirements and supported blockchain networks will be disclosed when individual Socios Equity Token offerings are approved.

The U.S. Securities and Exchange Commission chairman has said he expects the CLARITY Act to advance through the Senate this month as regulators continue developing crypto rules alongside Congress.

Speaking to Fox Business on Tuesday, SEC Chairman Paul Atkins said he expects lawmakers to move forward with the legislation in September and eventually send it to President Donald Trump for his signature.

“The Clarity Act will be voted on in the Senate on the 15th of September,” Atkins said. “I anticipate and hope that it will be passed by the Senate and sent ultimately to the President’s desk for a signature.”

The Sept. 15 action, however, is currently scheduled as a procedural vote on whether the Senate should begin considering the legislation, not a final vote on passage. Senate Majority Leader John Thune filed cloture on the motion to proceed before lawmakers left Washington for their August recess.

As crypto.news previously reported, the cloture motion is scheduled to ripen at 2:15 p.m. ET on Sept. 15. Supporters will need 60 votes to clear the procedural hurdle before senators can move into debate, amendments and subsequent votes.

CLARITY Act faces its Senate test on Sept. 15

The Digital Asset Market Clarity Act would establish a federal framework for digital assets and divide regulatory responsibilities between agencies including the SEC and Commodity Futures Trading Commission.

The House passed H.R. 3633 by a 294 to 134 vote in July 2025, with 78 Democrats joining Republicans. The Senate Banking Committee later advanced its version by a 15 to 9 vote in May 2026.

Lawmakers had sought to move the legislation before the August recess, but negotiations failed to produce enough support for a vote. Senate leaders eventually pushed consideration into September as disagreements continued over stablecoin rewards, ethics rules and provisions covering financial crime.

Atkins expressed confidence that the process could still move forward and said regulators were already changing how they approach digital assets.

“We’re changing the past approaches to try to update [rules], modernize them in the age of blockchain and crypto assets,” he said.

The SEC chairman tied the regulatory work to the Trump administration’s push to make the United States what the president has described as the “crypto capital of the world.”

SEC is moving ahead with crypto rules

Congressional delays have not stopped federal regulators from working on digital asset rules under their existing authority.

The SEC took another step on Aug. 25 when it sent a crypto custody proposal to the White House Office of Management and Budget for review.

The proposal is intended to clarify how investment advisers and investment companies can custody crypto assets for clients. It could remove some existing requirements that the SEC considers outdated under current market practices.

The complete proposal is expected to become public after White House review and an SEC commission vote.

Atkins has previously said the regulator could address parts of crypto market structure through rulemaking even if Congress takes longer to complete legislation. The SEC cannot independently give the CFTC all the additional spot market authority contemplated under the CLARITY Act.

CFTC Chairman Michael Selig has taken a similar position. The regulator has prepared digital asset proposals that could move forward using powers it already holds, even if Congress does not pass CLARITY.

Selig said in August that “crypto will get market structure regardless of bill,” although he did not specify when the proposals would be released.

The CFTC currently regulates crypto derivatives and can pursue fraud and manipulation involving spot commodity transactions. Broader routine supervision of digital commodity spot markets would still require authority from Congress.

Stablecoin rewards remain a sticking point

CLARITY has spent much of 2026 caught in negotiations involving lawmakers, crypto companies and the banking industry.

One of the main disputes concerns stablecoin rewards. Banking groups have pushed lawmakers to tighten provisions that could allow platforms such as Coinbase to provide customers with rewards linked to stablecoin balances.

Banks have argued that allowing crypto platforms to offer such rewards could encourage customers to move deposits from traditional financial institutions into payment stablecoins. Crypto companies have pushed against restrictions that could prevent platforms from sharing stablecoin related revenue with users.

Ethics provisions have created another obstacle. Some Democratic lawmakers have sought tougher restrictions covering government officials’ involvement with digital assets and their ability to profit from crypto businesses.

A revised proposal circulated in July included provisions designed to restrict government officials from promoting or making money from crypto, but some Democrats argued that the language remained insufficient.

Republicans, meanwhile, have accused Democratic negotiators of repeatedly changing their demands during negotiations.

Senate Banking Committee Chairman Tim Scott criticized Democratic negotiators during an August appearance, arguing that disagreements had prevented the legislation from moving forward.

The Senate vote count remains important because Republicans cannot clear the procedural threshold alone. At least 60 senators must support cloture before the chamber can begin considering H.R. 3633, meaning some Democratic support will be required.

The House-approved bill and any version eventually passed by the Senate would need to contain identical language before legislation could be sent to Trump. If senators amend the House measure, the changes would require additional congressional action.

For now, the next formal step is scheduled for Sept. 15, when the Senate is expected to hold its cloture vote on the motion to proceed with the CLARITY Act.

Thailand’s Securities and Exchange Commission has proposed new rules requiring digital asset operators to collect, verify and retain information tied to crypto transfers under its planned Travel Rule framework.

According to Thailand’s SEC, the draft notification would require operators to establish risk management systems for digital asset transfers and receipts, giving them enough information to identify transactions that may involve money laundering or technology-related crime.

The proposal covers transfers between customers and regulated service providers as well as transactions involving self-hosted wallets. Operators would need to collect information about customers and their counterparties, examine service providers used on the other side of a transaction and keep records supporting every transfer for at least five years.

For the first two years of the retention period, transaction information would have to remain in a format that allows supervisory authorities to retrieve or inspect it immediately.

Thailand Travel Rule would extend checks to self-hosted wallets

One of the requirements would apply when customers send digital assets to or receive them from self-hosted wallets.

In such cases, licensed operators would have to verify that the customer owns the wallet or has authority to control it. Counterparty checks would extend to digital asset operators or other service providers involved in transfers.

The SEC said the proposed controls are intended to provide enough information to trace the financial route of a digital asset transaction and allow suspicious activity to be examined, prevented or intercepted.

Similar information-sharing requirements form part of the Travel Rule framework used internationally for anti-money laundering controls. The Financial Action Task Force extended its Travel Rule standards to virtual assets and virtual asset service providers in 2019.

As crypto.news previously explained, the framework requires covered crypto service providers to collect, share and retain identifying information about senders and recipients. The standard extends an anti-money laundering control originally developed for traditional financial transfers to digital assets.

Thailand’s draft assigns separate obligations depending on where an operator sits within a transaction.

An Ordering Digital Asset Operator would have to send information about the transferor and transferee together with the transfer instruction to the Beneficiary Digital Asset Operator.

When an intermediary operator sits along the transaction route, its qualifications must be checked and other prescribed steps taken so that the route can be tracked continuously.

Operators receiving digital assets would face corresponding risk management requirements, including collecting information on the transferor and transferee when assets arrive from an ordering operator or customer.

SEC and AMLO are coordinating crypto transfer rules

The proposal follows work between the SEC and Thailand’s Anti-Money Laundering Office as authorities develop controls for suspicious financial transactions.

Thailand’s Subcommittee on Financial Data Connectivity to Enhance Monitoring of Suspicious Financial Transactions previously resolved that the SEC and AMLO should prepare guidance for digital asset businesses. AMLO has separately been preparing rules under the country’s anti-money laundering law.

The SEC said it coordinated with AMLO when setting the proposed requirements so that information would accompany digital asset transfers and could be used for transaction monitoring.

Before preparing the latest draft, the regulator held an initial consultation on the principles between March and April 2026. Most parties involved agreed with the proposed framework and submitted comments, which the SEC considered while refining the requirements.

Anti-money laundering scrutiny has been increasing across Thailand’s digital asset sector. In July, the Bank of Thailand and SEC began examining stablecoin transactions after authorities identified high-value USDT activity that may have bypassed normal financial reporting channels.

The review used data analytics to examine unusual transactions as authorities investigated potential links to money laundering, online gambling and other activity connected with Thailand’s grey economy.

Authorities have been looking beyond transactions handled directly through regulated platforms. A global INTERPOL operation reported in July resulted in 5,811 arrests across 97 countries and territories and intercepted $293 million in illicit assets.

Thai authorities involved in the operation uncovered a suspected crypto laundering network that moved proceeds from romance scams through cross-chain token swaps. One wallet linked to the investigation had processed more than $122.5 million, according to details from the operation.

The Travel Rule itself has been moving into stricter forms across several Asian markets. South Korea approved changes in August that will remove its transfer threshold and require information sharing for every transfer between registered domestic virtual asset service providers.

Taiwan has taken a similar route. Its Financial Supervisory Commission proposed mandatory information sharing for transfers between domestic crypto platforms, with the requirements scheduled to begin in October.

Thailand is tightening oversight of licensed crypto firms

Thailand’s proposed transfer controls come as the SEC develops several other rules for the domestic digital asset sector.

In July, the regulator filed a criminal complaint against Bitkub Online and two former directors over alleged false regulatory reporting connected to a 2021 cyberattack.

The attack resulted in the loss of digital assets valued at approximately 1.7 billion baht, or $50 million. The SEC alleged that reports filed between May 10 and Oct. 30, 2021, did not accurately account for the reduction in Bitkub’s digital asset holdings after attackers stole 16 cryptocurrencies.

Bitkub said it had delayed disclosure of the attack because it wanted to prevent a bank run and later replaced the stolen assets, leaving customers without losses. The SEC’s complaint concerned information submitted to regulators following the incident.

Regulatory controls have expanded while Thailand continues developing new routes for regulated crypto investment.

On Aug. 31, the SEC proposed rules that would open overseas crypto derivatives to retail investors through licensed intermediaries when the products meet specified requirements.

Eligible contracts would need features comparable with products permitted in Thailand and use regulated central counterparty clearing arrangements overseas. Other foreign crypto derivatives would remain restricted to institutional investors under the proposal.

The latest derivatives proposal follows Thailand’s decision earlier in 2026 to recognize cryptocurrencies as eligible underlying assets under its Derivatives Trading Act. The regulator and Thailand Futures Exchange have since been developing requirements for crypto-linked futures and options.

Another consultation in April sought to streamline crypto derivatives rules by allowing licensed digital asset businesses to apply for derivatives licenses without establishing separate corporate entities.

Existing requirements make firms establish a different entity for derivatives operations, creating additional operational and compliance costs.

Thailand is building rules for more regulated crypto products

Thailand has moved its spot crypto ETF plans forward as well.

In August, regulators advanced Bitcoin and Ether ETF rules to the draft stage, proposing that locally listed funds maintain average net exposure of at least 80% of their net asset value to their underlying cryptocurrency over each accounting year.

Bitcoin and Ether would initially be the only eligible cryptocurrencies. Domestic digital asset custodians would remain the primary custody option, although the SEC could permit qualified foreign custodians when it considers their use necessary.

The framework would allow locally established crypto ETFs to trade on the Stock Exchange of Thailand, giving investors exposure through securities accounts without requiring them to manage cryptocurrency wallets directly.

Thailand had already recognized cryptocurrencies as underlying assets for regulated derivatives in February, opening the way for products based on assets such as Bitcoin. The change gave regulators and the Thailand Futures Exchange a legal basis to develop crypto-linked futures and options.

For the Travel Rule proposal, the SEC said the requirements are intended to improve transaction tracing and prevent licensed businesses from being used for money laundering or terrorist financing without placing an undue burden on operators.

The regulator published the draft notification through its website and Thailand’s Law Portal and invited digital asset businesses, other relevant parties and members of the public to submit comments through the consultation channels until July 10, 2026.

Hyperscale Data has permanently shut down Bitcoin mining at its Michigan facility, saying the move is part of its transition toward hosting an artificial intelligence (AI) data center customer. The company also plans to sell the mining equipment associated with the operation.

In a statement released this week, Hyperscale said all Bitcoin miners at the site were switched off following an inspection by an unnamed California-based neocloud provider. The shutdown comes as the company prepares the campus to fulfill requirements tied to an AI data center master services agreement that it expects could be worth approximately $1.2 billion, depending on how contract options are exercised.

Key takeaways

• Hyperscale Data has ceased Bitcoin mining at its Michigan facility as part of its shift toward AI data center infrastructure.
• The company says an inspection by a California-based neocloud provider preceded the miner shutdown, and it plans to sell the mining equipment.
• The AI customer contracted for 20 megawatts (MW) under a 10-year master services agreement with two optional five-year extensions.
• Hyperscale’s estimates—about $1.2 billion or potentially more than $3 billion—depend on whether extension options and additional capacity are taken.
• Following a one-for-five reverse stock split completed earlier this month, the stock fell to a split-adjusted record low according to Yahoo Finance data.

Bitcoin mining ends in Michigan to make room for AI capacity

Hyperscale’s decision reflects a broader corporate strategy: converting its Michigan operation from energy-intensive crypto mining to AI-focused compute services. The company said it is funding the transition through sales from its Bitcoin treasury, tying ongoing asset liquidation to the capital needs of the data center buildout.

Under the master services agreement, the AI customer contracted for 20 MW of computing capacity. The contract runs for 10 years, with two optional five-year extensions. Hyperscale indicated the agreement’s maximum term could yield more than $1.2 billion, but only if the customer exercises both extension options.

Hyperscale also outlined a scalability scenario. It said there is an additional 32 MW option that, if taken, could lift potential revenue above $3 billion. The Michigan site is expected to support up to 340 MW, suggesting the company sees room for further load beyond the initial contract window.

The company cautioned that its expansion plans remain preliminary and contingent on financing, approvals, and other risks. It further noted that the $1.2 billion estimate relies on the customer taking both extension options, while the larger $3 billion projection depends on securing the extra capacity option as well.

Why the shutdown matters for investors watching crypto “treasury-to-AI” pivots

For investors, the Michigan shutdown is significant less because it changes Bitcoin’s network economics and more because it highlights a repeatable playbook: liquidating Bitcoin holdings to fund infrastructure that competes for demand in the compute market—particularly AI workloads.

Hyperscale’s own framing links mining proceeds and treasury management to the AI transition. According to the company’s prior disclosures, it has been reducing its Bitcoin holdings while funding the buildout, including using arrangements that are described as BTC-backed credit to support the Michigan campus.

That context helps explain why the miner shutdown is treated by the market as an inflection point. When mining operations end at a specific facility, it can imply a longer-term shift in how the company expects to monetize its balance sheet—moving away from mining-related activity toward contracted compute services.

Stock reacts after reverse split; Bitcoin holdings continue to shrink

The operational shift coincided with renewed pressure on Hyperscale’s equity. Yahoo Finance data shows shares closed at $0.1984 on Wednesday, down about 17%, after touching an intraday low of $0.1932. The close marked a split-adjusted record low for the NYSE American-listed stock.

The decline followed the completion of a one-for-five reverse stock split. According to a filing with the US Securities and Exchange Commission, trading began on a split-adjusted basis on Aug. 25.

Separately, Hyperscale’s Bitcoin treasury drawdown has continued as it funds the AI expansion. Earlier coverage tied the company’s July moves to having held about 1,006 Bitcoin while selling 100 BTC and arranging a BTC-backed credit facility for the Michigan campus.

In late August, Hyperscale said it sold roughly 65 BTC for about $5.1 million during the week ending Aug. 30, stating that proceeds would provide additional capital for the Michigan development. BitcoinTreasuries.NET, which tracks public companies, lists Hyperscale as holding about 215 BTC, worth approximately $16.7 million—representing a large decline from the amount cited in July and ranking it 84th among companies tracked by the platform.

While these figures do not determine whether the AI buildout will succeed, they do offer a practical look at how the company is funding the pivot: by converting part of its Bitcoin exposure into cash or cash-equivalent liquidity.

What to watch next: contract execution and financing uncertainties

Hyperscale’s next milestones will likely hinge on whether the AI customer exercises the extension options attached to the 20 MW baseline and whether it chooses the additional 32 MW capacity option that would materially change Hyperscale’s revenue outlook. With the company explicitly warning that financing and approvals could affect the plan, the market will be watching for updates on funding progress, regulatory or site readiness steps, and the timeline for getting the AI infrastructure live.

Nomura’s digital asset unit Laser Digital has partnered with Keyring Network to build institutional fixed income markets on decentralized finance infrastructure, with the first lending and borrowing products prepared for Euler Finance.

According to a Sept. 2 announcement from Laser Digital and Keyring, the partnership will combine institutional risk controls with permissioned DeFi infrastructure for qualifying participants. Keyring will provide the technology for individual lending markets, while Laser Digital’s asset management division will contribute governance standards, portfolio structuring and market practice.

The companies have not disclosed how much capital will be committed to the markets, the fees attached to them or a launch date. Borrowers and lenders participating in the first products have not been named either.

Laser Digital will set institutional risk standards

Laser Digital’s role will center on the risk framework governing the planned markets. Keyring will handle access verification, quantitative risk parameters and the design of liquidation systems, while responsibilities between the firms will be determined separately for each contract based on the asset, strategy and risk profile.

The structure extends Laser Digital’s work with institutional onchain products. In August, the Nomura subsidiary partnered with ZIGChain on a pipeline of products tied to emerging market private credit, PayFi, invoice financing, small business funding and stablecoin services.

Under that arrangement, Laser Digital agreed to support product structuring, governance and risk framework design for ZIG Markets vaults. ZIGChain said it was targeting at least $100 million in total value locked across the planned products, although the size of Laser Digital’s investment and a timetable for reaching the target were not disclosed.

The Keyring partnership focuses first on fixed income lending and borrowing. Laser Digital and Keyring identified permissioning, exploit risk, governance and settlement as four constraints that have limited institutional participation in open DeFi lending markets.

Unrestricted access can create compliance issues for institutions, while smart contract and protocol exploits introduce risks that can be difficult to quantify, the companies said. They identified limited institutional oversight and differences between traditional clearing processes and DeFi’s instant settlement model as further obstacles.

Their framework combines zero knowledge permissioning, quantitative risk modeling, institutional governance standards, cyber insurance and other risk controls. Keyring’s [un]wind technology will provide the settlement component.

“Institutional interest in on-chain fixed income stems from real opportunity, but constraints remain,” Laser Digital co-founder and CEO Jez Mohideen said.

Mohideen said the companies are working on assets that behave more like conventional fixed income instruments than speculative crypto tokens while retaining onchain settlement.

Euler Finance will host the first markets

The first lending markets are ready to go live on Euler Finance, according to the companies, although no deployment date was provided. Other partners, products and strategies are expected to follow in phases.

Euler already supports lending markets built around institutional and tokenized assets. In May, VanEck’s VBILL went live on Euler, allowing investors to use the asset manager’s tokenized U.S. Treasury fund as collateral for onchain borrowing.

The integration followed Euler’s addition of Securitize’s DS Protocol, which allows tokenized securities to interact with lending markets while maintaining investor eligibility and transfer restrictions. RedStone supplies pricing data for VBILL on Euler.

A similar institutional asset reached the protocol in May 2025 when sBUIDL, a token backed 1:1 by BlackRock’s BUIDL fund and issued by Securitize, entered Euler lending markets. The Avalanche deployment was curated by Re7 Labs and allowed sBUIDL holders to use the asset as collateral for USDC and AUSD borrowing.

Euler’s modular structure allows market creators to configure collateral requirements, liquidation parameters and access permissions for individual lending markets. Institutional managers including K3 Capital, MEV Capital and Re7 Capital have previously managed vaults on the protocol.

DefiLlama data currently puts Euler V2’s total value locked at approximately $377.5 million. Monad accounts for nearly $248.9 million, followed by Ethereum at $92.7 million and Base at $21.4 million. The protocol generated roughly $1.63 million in fees over the past 30 days and close to $51,840 in protocol revenue over the same period.

Euler’s current structure followed its recovery from a major security incident in March 2023, when an exploit drained approximately $197 million from the protocol. Most of the stolen assets were subsequently returned, and Euler later rebuilt its lending architecture around its V2 system.

Nomura has expanded Laser Digital’s institutional operations

Laser Digital was established by Nomura in 2022 as the Japanese financial group built a dedicated digital asset business spanning trading, asset management, investment and blockchain-based financial products.

Its institutional operations have expanded across several markets since then. Crypto.news previously reported that Laser Digital secured registration in Japan in August as a crypto asset exchange service provider, becoming the country’s first newly registered entrant in roughly four years.

The Japanese subsidiary plans to begin by supplying liquidity to domestic virtual asset service providers before considering digital asset trading services for institutional investors. Laser Digital has not provided a launch date for the institutional trading business.

Nomura and Laser Digital found in a 2026 survey that 79% of respondents planned to invest in crypto assets within three years. Outside Japan, Laser Digital already operates asset management products and holds a full crypto business license in Dubai.

Keyring brings a different part of the infrastructure to the new fixed income project. The network operates a permissioned access layer designed to verify users before they interact with DeFi applications while using zero knowledge technology to limit the amount of identifying information exposed onchain.

Alex McFarlane, founder and CEO of Keyring Network, described rates and credit as interconnected parts of the fixed income market and said tokenized assets had expanded rapidly without reaching much of the available market.

“Despite multi-year exponential growth in tokenised assets, we haven’t yet scratched the surface,” McFarlane said.

The companies said individual responsibilities under the partnership will be established contract by contract, while the first Euler markets will be followed by other products, partners and strategies in phased deployments.

The U.S. Department of Justice said on Sept. 1 that federal investigators had seized more than $560,000 in cryptocurrency allegedly intended for Hamas. The FBI also took control of domains and servers that authorities said supported fundraising and recruitment.

The enforcement actions were authorized through five warrants issued between March 2025 and August 2026. Three covered cryptocurrency seizures, while two concerned online infrastructure allegedly controlled by the Al Qassam Brigades, Hamas’ military wing.

Hamas is designated as a foreign terrorist organization by the U.S. government. The latest announcement describes allegations contained in warrant affidavits. It does not represent a criminal conviction against the people who controlled the addresses, accounts or servers.

Three warrants targeted Hamas crypto fundraising

The cryptocurrency seizures were authorized through warrants dated March 25, 2025, June 25, 2025 and Oct. 10, 2025. Together, the actions recovered more than $560,000, according to the DOJ.

Investigators said human sources helped identify a fundraising system that distributed rotating cryptocurrency addresses through an encrypted group chat and website. Donors were reportedly instructed to send funds to different addresses, making the collection network harder to follow.

The first publicly announced stage of the investigation recovered approximately $201,400 from cryptocurrency wallets and exchange accounts. Authorities said those assets were connected to a network that had moved more than $1.5 million since October 2024.

The initial recovery was covered by crypto.news reporting on the $201,400 Hamas-linked cryptocurrency seizure. The latest DOJ announcement shows that subsequent warrants increased the total seized amount beyond $560,000.

The affidavits do not establish that every transaction through the identified system directly funded an attack. They outline the evidence investigators presented to obtain judicial permission to seize the assets.

FBI took control of fundraising domains and servers

The FBI later expanded the operation from cryptocurrency to internet infrastructure. Warrants dated July 29, 2026 and Aug. 18, 2026 authorized the seizure of domains and servers allegedly used for fundraising and recruitment.

The targeted infrastructure included Alqassam.ps, which the DOJ described as the Al Qassam Brigades’ main website. Taking control of the domains and servers allowed investigators to interrupt access and receive information sent through the seized infrastructure.

The DOJ said the operation enabled the FBI to intercept additional cryptocurrency donations allegedly intended for Hamas. Authorities also obtained information about thousands of people who contacted the platforms to donate or attempt to donate through cryptocurrency and conventional payment methods.

That claim comes from the government’s announcement. The DOJ did not disclose how many contacts completed payments, how many were based in the U.S. or whether any donors had been charged.

The operation was led by the FBI’s Albuquerque Field Office in coordination with its Counterterrorism Division, Cyber Division and New York Field Office. Prosecutors from the District of Columbia and the Justice Department’s National Security Division are handling the case.

Public blockchains helped investigators trace payments

Cryptocurrency addresses can be changed frequently, but transfers conducted on public blockchains normally leave permanent transaction records. Investigators can connect those transfers with exchange accounts, known services and other addresses when additional evidence is available.

The DOJ said its investigation combined blockchain tracing with information from human sources. A Chainalysis review of the initial seizure said authorities followed transfers through exchanges, brokers and operational wallets before obtaining control of the targeted funds.

Rotating addresses may make attribution more difficult, but they do not remove transaction histories from a public blockchain. Funds can also become identifiable when users interact with regulated exchanges that collect customer information.

Similar enforcement actions have involved stablecoin issuers freezing tokens linked to sanctioned or suspected illicit networks. Tether helped U.S. authorities freeze $1.6 million connected to an alleged terrorism-financing network.

Those cases do not establish that cryptocurrency accounts for a large share of terrorism financing. They demonstrate that blockchain records, exchange information and issuer controls can help authorities identify and restrict certain transactions.

Seizure does not automatically complete forfeiture

A court-authorized seizure allows law enforcement to take control of specified assets during an investigation. Final forfeiture is a separate legal process that determines whether the government may retain those assets permanently.

The latest DOJ release does not identify newly charged defendants or describe a completed forfeiture judgment covering the full $560,000. It also does not provide a breakdown of the amounts recovered under each of the three cryptocurrency warrants.

No public announcement explains which cryptocurrencies made up the complete seized balance. The March 2025 action involved several wallets and exchange accounts, but the later affidavit materials are necessary to determine how the total expanded.

The investigation remains active. Information obtained from the seized domains, servers and fundraising contacts may support further inquiries, sanctions actions, forfeiture proceedings or criminal cases. The DOJ has not announced a timetable for those possible steps.

Future filings could provide more information about the digital assets, services and jurisdictions involved. Unless prosecutors bring charges or file forfeiture complaints, some evidence may remain sealed to protect investigative methods and cooperating sources.

The latest verified position is that federal courts authorized five related seizure actions. The DOJ says those actions recovered more than $560,000 and disrupted online infrastructure allegedly used by Hamas. The assertions about ownership, purpose and control remain government allegations unless tested in later proceedings.