XRP Ledger has activated its fixCleanup3_2_0 amendment, making version 3.2.0 the minimum software release required for nodes to remain compatible with the mainnet.

XRP Ledger activates fix with 85.71% support

XRPScan data shows that fixCleanup3_2_0 is now active after securing support from 30 of the 35 trusted validators that participated in the vote. Five validators opposed the amendment.

XRPL amendments that change transaction processing must maintain at least 80% support among trusted validators for two consecutive weeks before activation. The latest proposal cleared that requirement with 85.71% consensus.

Activation immediately affects infrastructure operators running older software. Nodes on version 3.1.0 or below are now “amendment blocked,” meaning they cannot follow the updated rules governing validated ledgers.

“The fixCleanup3_2_0 amendment is now active. With this, all nodes running version 3.1.0 and below are amendment blocked until they upgrade to 3.2.0. Please take action to ensure service continuity,” XRPScan said.

The warning applies to exchanges, wallet providers, payment services, developers and other businesses that operate their own XRPL infrastructure. Users holding XRP in self-custody wallets do not need to change their tokens or move funds because of the amendment.

What fixCleanup3_2_0 changes

The amendment introduces a package of protocol corrections included in the XRP Ledger 3.2.0 release. It does not add a new user-facing product or alter XRP’s supply.

Among the changes are precision and rounding fixes for Single Asset Vaults and the Lending Protocol. The package also corrects an invariant affecting valid offer deletions on the Permissioned DEX.

Other changes validate non-canonical Multi-Purpose Token amounts, add a zero DomainID check for permissioned domains, and introduce an invariant that checks whether deleted accounts leave directly accessible ledger objects behind.

XRPL data cited after activation showed that 105 validators, or 70% of the network total, were running version 3.2.0. Another 35 validators, representing 23.33%, remained on version 3.1.3.

Among other nodes, 582, or 68.88%, had adopted version 3.2.0, while 228 nodes, or 26.98%, were still using version 3.1.3. Operators on 3.1.3 are above the version range identified in XRPScan’s amendment-block warning, although XRPL developers have urged all operators to complete the 3.2.0 migration.

Version 3.2.0 renames rippled to xrpld

Released in mid-June, version 3.2.0 also changed the name of XRPL’s reference server implementation from “rippled” to “xrpld.” The rename follows XLS-0095, a proposal designed to link the software’s identity more directly to the XRP Ledger.

The change extends beyond the server executable. Operators upgrading from version 3.1.3 must rename the configuration file from rippled.cfg to xrpld.cfg and revise related database paths, packages, scripts, deployment settings, service definitions, and metadata.

XRPL’s migration documentation provides steps intended to preserve existing node data while replacing the former naming conventions.

Developers describe version 3.2.0 primarily as a cleanup and maintenance release. It retires amendments that had remained active for more than two years and continues dividing the libxrpl codebase into smaller modules to support future maintenance.

XRPL upgrade follows $2.6B RWA increase

The activation comes as the ledger handles a growing amount of tokenized real-world assets. As crypto.news reported on July 26, XRPL added about $2.6 billion in RWA value over six months, excluding stablecoins.

That ranked the network second for net RWA inflows during the period, behind BNB Chain’s roughly $3 billion. Stellar followed with about $2.1 billion.

XRPL’s combined distributed and represented RWA value reached approximately $4.38 billion, while stablecoins added another $995.12 million. The wider total exceeded $5.37 billion.

For US businesses using XRPL for tokenized assets, payments, or exchange infrastructure, the amendment creates an operational requirement rather than a new regulatory rule. Operators must keep their server software compatible to avoid service interruptions as activity on the network expands.

Barclays analyst Benjamin Budish estimates Coinbase processed roughly $152 billion of trading volume during the quarter, well below the Street’s expectation of about $178 billion. He expects adjusted EBITDA to come in roughly 3% below consensus, pointing to weaker blockchain rewards and institutional trading revenue.

Clear Street’s Owen Lau also lowered estimates, projecting approximately $160 billion in trading volume and $301 million in adjusted EBITDA after weaker-than-expected retail activity.

Benchmark’s Mark Palmer similarly reduced his EBITDA forecast to $377 million, while Compass Point expects revenue to slightly miss consensus but believes EBITDA will be roughly in line with expectations.

Coinbase still rises and falls with crypto trading activity, a dependency that has become more apparent over the past year. The company has spent heavily to diversify revenue through stablecoins, derivatives, payments, tokenization and its Base blockchain. Those businesses continue to grow, but they remain relatively small compared with transaction revenue.

Subscription stability

One area where analysts are more constructive is subscription and services revenue.

This segment includes interest income from USDC, staking rewards, custody fees, Coinbase One subscriptions and institutional services. Because those businesses are less tied to daily trading volumes, analysts expect them to provide a cushion against weaker transaction revenue.

Trade certainty for curiosity

The Ethereum Foundation (EF) has appointed longtime ecosystem contributor pcaversaccio (known as “pc”) to its board, expanding the group’s leadership as it continues to refine the governance of the organization behind the world’s second-largest blockchain.

pc, a security researcher and co-founder of the emergency response initiative SEAL 911, joins the board for an initial one-year voluntary term. He has also served on the EF’s Silviculture Society, an advisory group that provides informal guidance on preserving the foundation’s core principles, including censorship resistance, open source development, privacy and security.

The appointment brings the Ethereum Foundation’s board to four members: President Aya Miyaguchi, Ethereum co-founder Vitalik Buterin, Swiss legal counsel Patrick Storchenegger and pcaversaccio.

The board is responsible for setting the EF’s strategic vision and ensuring management’s decisions remain aligned with the organization’s values, accordinfg to the Foundation. It also serves as a “security council” tasked with safeguarding the foundation’s mission and ensuring compliance with the laws of Switzerland, where it is currently based.

BNY has expanded its blockchain strategy by bringing the ownership records behind investment funds onchain through a new digital transfer agency platform for institutional clients.

The Financial Times reported that the New York-based custodian bank will launch a blockchain-enabled version of its transfer agency business, allowing fund ownership records and investor transactions to be maintained on a shared digital ledger while continuing to operate its existing transfer agency services.

BNY has moved fund ownership records onto blockchain

Rather than tokenizing only investment products, BNY is applying blockchain technology to the record-keeping infrastructure that supports fund operations. According to the Financial Times, the platform will keep official ownership records onchain, creating a shared source of information for participants involved in fund administration.

Carolyn Weinberg, BNY’s chief product and innovation officer, told the publication that the project modernizes the books and records supporting fund transactions by moving them onto blockchain infrastructure.

Transfer agents maintain official records of fund investors, process subscriptions and redemptions, update shareholder registers and support communications between funds and investors. Those records are usually spread across systems operated by fund managers, custodians and administrators, making regular reconciliation necessary.

By placing the records on a shared ledger, BNY intends to reduce the need for separate databases while giving authorized participants access to the same source of ownership information.

According to the report, BNY’s transfer agency business supports approximately $8.6 trillion in assets across 7.6 million investor accounts. The bank separately oversees more than $59 trillion in assets under custody and administration.

Early tokenized funds are already using the platform

Among the first institutions adopting the platform is Edinburgh-based asset manager Baillie Gifford, which plans to use it for what the firm described as the United Kingdom’s first fully native regulated tokenized fund.

“What we have in the blockchain is a shared source of record-keeping between the participants. We agree that this is the source of truth when people are dealing with the asset that this is monitoring,” Theo Golden, Baillie Gifford’s head of digital assets, said. 

The report also said BlackRock and BNY Dreyfus’ money market fund and cash management business are expected to use the platform for future tokenized fund offerings.

According to Baillie Gifford’s website, the firm manages roughly $261 billion in assets.

BNY has not identified the blockchain network that will power the new platform. Cointelegraph said it contacted the bank for comment but did not receive a response before publication.

Digital asset work has continued across custody and regulation

The transfer agency launch builds on several digital asset initiatives introduced by BNY over recent months.

In June, the bank added USDC minting, redemption, custody and transfer capabilities to its Digital Asset Custody platform, giving institutional clients direct access to Circle’s stablecoin through BNY’s infrastructure. 

The bank already serves as the primary custodian for the assets backing USDC, and the rollout extended its role beyond reserve custody into operational stablecoin services.

At the time, BNY said USDC was the first stablecoin supported on its custody platform and that additional stablecoins and digital cash workflows would follow. 

The announcement also came after the bank partnered with Abu Dhabi-based Finstreet and the ADI Foundation to develop institutional custody services for Bitcoin and Ether, with plans to later include stablecoins and tokenized real-world assets.

MiCA approval has added another regulated digital asset business

The latest blockchain initiative also follows BNY’s regulatory expansion in Europe.

Earlier in the week, the European Securities and Markets Authority added BNY SA/NV, the bank’s Belgian subsidiary, to its interim Markets in Crypto-Assets register after authorization from the National Bank of Belgium. The approval allows the subsidiary to provide crypto-asset custody and transfer services under the European Union’s MiCA framework.

The authorization placed BNY alongside other banks and financial institutions expanding regulated digital asset operations across Europe as more firms complete the licensing process following MiCA’s transition deadline.

BNY’s recent announcements show the bank extending blockchain technology across several layers of institutional financial infrastructure, including regulated crypto custody, stablecoin services and the operational record-keeping systems that support tokenized investment funds.

Hungary is easing part of its previously strict crypto framework, repealing a requirement that forced certain transactions to pass through an additional validator. The move comes as crypto services in the country restart under the European Union’s MiCA regime, with CoinCash preparing to resume operations after receiving MiCA authorization.

According to Hungarian tax and legal outlet Ado.hu, Parliament voted to remove the crypto validator obligation, eliminating mandatory third-party approval for specific crypto transaction flows. Finance Minister Kármán András said the government rolled back the rule because earlier regulations disrupted Hungary’s crypto market and led some providers to stop operating locally.

Key takeaways

• Hungary has repealed its crypto validator requirement, removing an extra transaction-level approval step for certain crypto conversions.
• The change is expected to reduce friction for compliant service providers while MiCA licensing and broader compliance duties remain in force.
• CoinCash is positioned to restart services after the National Bank of Hungary authorized its operator under MiCA on July 20.
• Hungary previously introduced a validator process via a 2024 crypto assets law, with requirements taking effect on July 1, 2025.

What Hungary’s validator rule required—and why it mattered

Hungary’s validator requirement was introduced through the country’s 2024 crypto assets law, creating a separate validation process alongside the EU framework. As described by the Hungarian legal database, the rule took effect on July 1, 2025 and required a licensed validator to verify details before issuing a compliance declaration for certain crypto conversions.

Those checks included information tied to the origin of crypto assets, wallet ownership, and customer data. In practical terms, the validator step added another hurdle for crypto service providers operating in Hungary—on top of MiCA obligations already covering authorization and ongoing compliance.

Industry implications were significant: the extra approval layer increased operational complexity and compliance costs, and some platforms chose to suspend services rather than continue under the combined set of rules.

MiCA still sets the baseline, but the approval step is being reduced

The validator repeal does not remove MiCA as the governing structure for crypto-asset service providers. Hungary’s broader approach has been to align its national rules with EU requirements while tightening implementation timelines.

Notably, earlier reporting highlighted that Hungary applied a shortened MiCA transition period for crypto asset service providers (CASPs), requiring compliance by July 1, 2025 rather than the EU’s maximum transition deadline of July 1, 2026. That accelerated schedule, combined with Hungary’s additional transaction-level validator process, left less room for gradual operational adjustment.

Minister Kármán framed the repeal as a response to market disruption. In a Tuesday Facebook post, he argued that “many players” had terminated Hungary-related crypto services due to the “negative and market-shaking regulations,” while he also suggested the market is now showing signs of recovery.

CoinCash gets MiCA authorization as it prepares to restart

While Hungary removed the validator requirement, MiCA authorization remains the key gateway for resuming compliant operations. CoinCash’s path illustrates how companies are adapting to the EU framework.

CoinCash’s operator, Tiwala Solutions, received authorization from the National Bank of Hungary under MiCA on July 20, according to a company announcement reviewed by Cointelegraph. CoinCash said it is the first and only Hungarian company authorized directly by the National Bank under the EU framework.

CoinCash co-founder Gábor Galántai stated this in a LinkedIn post on Friday. The authorization covers a broad set of regulated activities, including custody, crypto-to-fiat and crypto-to-crypto exchange, transfers, investment advice, and portfolio management.

The company also indicated it completed a months-long compliance review before obtaining approval. CoinCash had voluntarily paused operations in December 2025 while preparing to meet MiCA requirements, and it now plans to gradually resume services. The company added that it intends to expand beyond trading into additional MiCA-regulated offerings.

What changes now—and what investors should watch

From a market-structure perspective, Hungary’s validator repeal reduces an additional layer of friction for certain crypto transactions. For users, that can mean smoother processing by authorized providers; for operators, it can lower operational complexity by removing an extra transaction checkpoint.

However, the repeal leaves open the bigger question of how quickly the local market will normalize after a period of provider retrenchment. CoinCash’s restart plan is a tangible indicator of compliance momentum under MiCA, but other firms may move more slowly depending on their own licensing status and operational readiness.

Readers should watch for whether more Hungary-based or Hungary-serving platforms resume activity, and whether regulators continue to refine how MiCA transition and national requirements interact—especially as the removed validator step no longer offsets, or compensates for, the accelerated compliance expectations that previously shaped the market.

As Hungary continues recalibrating its crypto rulebook, the key uncertainty is speed: how quickly the compliance ecosystem can translate licensing into fully operational services, and whether additional rule adjustments follow the validator repeal once the market stabilizes under MiCA.