Crypto World
MSTR’s STRC returns to $100 par, poised to unlock more BTC accumulation
Stretch (STRC), the perpetual preferred equity issued by Strategy (MSTR) the world’s largest corporate bitcoin holder reclaimed its $100 par value during Wednesday’s U.S. session for the first time since mid-January.
STRC trading at or above par enables the company to resume at-the-market (ATM) offerings to fund further bitcoin acquisitions. STRC last hit the $100 level on Jan. 16 when bitcoin hovered near $97,000; however, as the largest cryptocurrency by market capitalization retreated to as low as $60,000 by on Feb. 5, STRC dipped to a low of $93 before its recent rebound.
Positioned as a short-duration, high-yield credit instrument, STRC currently offers an 11.25% annual dividend distributed monthly. To mitigate volatility and incentivize trading near par, Strategy resets this rate monthly, recently hiking it to the current 11.25% yield.
MSTR common stock faced pressure, sliding 5% on Wednesday to close at $126, as bitcoin hovers around $67,500.
TLDR:
- USAD offers privacy-preserving transactions while maintaining regulatory oversight capabilities
- Paxos leverages its established infrastructure to issue compliant stablecoins on Aleo’s platform
- Circle previously partnered with Aleo for USDCx, showing competitive interest in privacy solutions
- Aleo raised $200 million at $1.45 billion valuation from SoftBank, a16z, and Coinbase Ventures
Privacy-preserving USAD stablecoin has launched on the Aleo Layer 1 mainnet through a partnership between Paxos Labs and Aleo Network.
The collaboration introduces digital dollars to a zero-knowledge powered environment. The stablecoin offers privacy and programmability features for enterprise users.
Aleo previously partnered with rival issuer Circle to pilot USDCx. The launch reflects growing institutional demand for privacy-focused blockchain solutions.
Partnership Details and Technical Framework
Paxos Labs will issue USAD using its established infrastructure to meet regulatory oversight requirements. The stablecoin operates on Aleo’s zero-knowledge cryptography platform.
The technology provides end-to-end encryption by default. The platform conceals participant identities, wallet addresses, and transaction amounts from public view.
Aleo COO Leena Im explained the stablecoin design incorporates Paxos’ issuance infrastructure. The system meets “oversight requirements while still protecting sensitive user information,” Im noted.
The balance between privacy and oversight represents a core technical achievement. Selective disclosure capabilities allow for regulatory compliance without compromising user confidentiality.
USAD supports traditional payment functions as well as advanced programmable applications. The stablecoin enables use cases difficult to execute on transparent blockchains.
Target applications include discreet payroll processing, business-to-business payments, and anonymous decentralized finance activities. Furthermore, enterprises can embed trusted digital currency into their platforms.
Paxos Labs co-founder Bhau Kotecha emphasized the strategic value of the collaboration. “Working with Aleo, we are bringing digital dollars into an environment where privacy and programmability are built in from the start,” Kotecha said.
He added that enterprises gain “a way to embed money they can trust.” The executive expects more organizations to deploy custom assets on blockchain platforms.
Kotecha noted that stablecoins continue to impact traditional financial rails. He stated Aleo and its team are “already ahead of the curve” on this development.
The trend toward programmable money reshapes financial infrastructure. Organizations increasingly value privacy-preserving transaction capabilities for commercial operations.
Market Context and Company Background
The launch occurs amid rising interest in institutional-grade privacy solutions for blockchain assets. Businesses want blockchain benefits without exposing sensitive commercial details on transparent networks.
Circle previously selected Aleo to develop USDCx, a privacy-focused version of its flagship token. The competitive landscape shows multiple issuers exploring privacy-preserving stablecoin technology.
Paxos has established experience in the stablecoin sector through partnerships with major platforms. The company previously issued stablecoins for PayPal and Binance.
Moreover, Paxos plays a role in the Global Dollar consortium. The USDG initiative includes Anchorage Digital, Bullish, Kraken, OKX, Robinhood, and World.
Aleo Network launched its mainnet in September 2024 after several years of development. The Layer 1 project raised $200 million in a 2022 Series B funding round.
The company achieved a valuation of $1.45 billion during the financing. SoftBank’s Vision Fund 2 and Kora Management co-led the investment.
The project has attracted backing from prominent investors across the blockchain ecosystem. Notable supporters include a16z, Softbank, Coinbase Ventures, Samsung Next, and Tiger Global.
The investor roster demonstrates confidence in zero-knowledge technology applications. Aleo’s platform aims to enable privacy-focused blockchain solutions for enterprise adoption.
Thailand’s government on Tuesday approved the Finance Ministry’s proposal allowing digital assets to be used as underlying assets in the country’s derivatives and capital markets.
The move aims to modernize Thailand’s derivatives markets in line with international standards, strengthen regulatory oversight and investor protection, and position itself as a regional hub for institutional crypto trading, the Bangkok Post reported.
The country’s Securities and Exchange Commission (SEC) will amend the Derivatives Act to enable these new asset classes, which include Bitcoin (BTC) and carbon credits.
“The decision to formally recognize digital assets, including cryptocurrencies and digital tokens […] reflects a growing understanding that digital assets are no longer merely speculative instruments, but an emerging asset class with the potential to reshape the foundations of capital markets,” said Nirun Fuwattananukul, chief executive of Binance Thailand.
He added that it was a “watershed moment” for the country’s capital markets, sending a “strong signal” that Thailand is positioning itself as a “forward-looking leader” in Southeast Asia’s digital economy.
Strengthening crypto recognition for investors
Thailand is targeting wealthy institutional investors as it expands its crypto ambitions. The move also aligns with the Stock Exchange of Thailand’s plans to introduce Bitcoin futures and exchange-traded products in 2026.
Related: Thailand plans crypto ETF rules as institutional interest increases
SEC secretary-general Pornanong Budsaratragoon said the move will “strengthen the recognition of crypto as an asset class, promote market inclusiveness, enhance portfolio diversification, and improve risk management for investors.”
Still no crypto payments in Thailand
Retail trading remains popular in Thailand, with the Kingdom’s largest exchange, Bitkub, seeing daily volumes of $65 million, according to CoinMarketCap.
However, the central bank has outlawed crypto payments, and consumer stablecoin use remains restricted.
The government launched an app in August for short-term tourists to convert crypto to local currency, but users must undergo stringent Know Your Customer (KYC) and customer due diligence checks, and usage remains restricted to government-approved outlets.
Thailand launched a campaign in January against so-called “gray money,” targeting crypto as part of an effort to combat money laundering.
Magazine: Bitcoin difficulty plunges, Buterin sells off Ethereum: Hodler’s Digest
Strategy, formerly known as MicroStrategy, remains locked in a persistent bear market. The Michael Saylor-led company has struggled to regain momentum as its stock mirrors Bitcoin’s decline.
As Bitcoin corrects, Strategy stock follows, reinforcing volatility and heightening sensitivity to digital asset sentiment shifts.
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MSTR Is Breaking Out
About a week ago, the Chaikin Money Flow formed a bullish divergence against price. While MSTR recorded a lower low, CMF posted a higher reading. This divergence signaled improving capital inflows despite falling prices, suggesting selective accumulation beneath the surface.
The short-term impact was visible as the MSTR price rebounded roughly 20% across Friday and Monday trading sessions. However, the broader technical structure remains fragile. Macro indicators still lean bearish, and sustained upside depends on stronger conviction returning to Bitcoin markets.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Can The Oversold Stock Mirror 2022 Recovery?
The Relative Strength Index has hovered near oversold territory since November 2025. A brief improvement appeared in January before RSI fell below 30.0 again last week. An RSI below 30 often signals oversold conditions, which historically precede technical rebounds.
A similar setup occurred in May 2022. At that time, MSTR rebounded 123% after entering oversold territory. That rally unfolded despite Bitcoin experiencing uneven momentum. Investors treated Strategy as a distinct equity with its own growth narrative.
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This cycle differs materially. Strategy’s corporate identity is now deeply connected to its Bitcoin holdings strategy. Demand for MSTR shares increasingly reflects sentiment toward Bitcoin accumulation.
MSTR Follows Bitcoin
In prior downturns, the MSTR price occasionally moved independently of Bitcoin. During earlier oversold phases, the stock rallied even as Bitcoin corrected. That divergence highlighted investor confidence in Strategy’s enterprise software operations and balance sheet flexibility.
Today, correlation metrics show stronger alignment between MSTR and Bitcoin price action. Since November 2025, Bitcoin’s steady decline has exerted downward pressure on Strategy shares. Market participants increasingly treat the stock as a Bitcoin-linked instrument rather than a standalone tech equity.
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As a result, Strategy’s outlook now depends heavily on Bitcoin’s next move. If Bitcoin stabilizes or enters accumulation, MSTR may follow. Conversely, extended crypto weakness could prolong the bear phase in Strategy stock despite internal accumulation policies.
Saylor Remains Bullish
Michael Saylor, founder of Strategy, is unbothered by the decline in MSTR’s value. During an interview with CNBC, Saylor highlighted that the company is far from affected by BTC’s decline. He stated that volatility is the bug, but volatility is also the feature. He further strengthened the company’s outlook of accumulation over selling.
“We will not be selling. Instead, I believe we will be buying Bitcoin every quarter forever,” Saylor stated.
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Thus, Strategy will likely continue buying BTC, and MSTR will continue following its trajectory until the market changes drastically for one of them.
MSTR Price Targets Identified
MSTR price trades near $133, hovering around the $137 region aligned with the 61.8% Fibonacci retracement level. This technical zone acts as a critical inflection point. Future direction will likely depend on Bitcoin price stability and broader crypto market sentiment.
If bearish conditions persist, recent gains could fade quickly. A drop below $122, corresponding to the 0.786 Fibonacci level, may expose $104, the February low. Should selling intensify further, the next structural support lies near $83.
On the upside, the immediate recovery target sits near $157. Reclaiming that level would offset recent losses and improve technical structure. If Saylor maintains Strategy’s Bitcoin accumulation stance, sustained commitment could attract renewed investor interest and support a stronger rebound in MSTR shares.
Analyst flags XRP monthly support at $0.85–$0.95 as potential entry for “smart money” amid recent 34% monthly decline.
XRP is trading at $1.37, down nearly 15% over the past week and 33% in the last 30 days, as bearish sentiment continues to weigh on the Ripple token.
However, a widely followed analyst says the monthly chart is showing a long-term ascending channel with support at $0.85–$0.95, a zone he believes could mark the entry point for institutional capital that has yet to return to the market.
Monthly Structure Shows Nine-Year Support Zone
The technical case for a potential reversal rests entirely on the monthly timeframe, according to analyst Arthur, who posted a detailed thread on X early Wednesday. His chart tracks XRP from March 2017 to the present, with each candlestick representing a full month of trading. The lower boundary of an ascending channel, tested repeatedly over nine years, now sits at $0.85–$0.95, which is roughly 30% below current prices.
“This is a monthly structural read, backed by macro and long-term volume behavior,” Arthur wrote. “The bottom of the monthly channel may very well represent the area where ‘smart money’ returns.”
He pointed to volume as the missing ingredient. The largest volume spike in XRP history occurred between November 2020 and April 2021. According to him, the 2024 rally, which pushed XRP above $2, saw four times less volume.
“The real money hasn’t returned yet,” he said. “What we saw in 2024 was whales and some funds. Not the large institutional flow that changes a market forever.”
Derivatives data supports the view that speculative positioning has cooled, with analysis from Arab Chain showing that in the last 30 days, XRP futures open interest dropped by about 1.8 billion XRP on Bybit and 1.6 billion on Binance. Kraken also posted a decline of about 1.5 billion XRP.
The contraction suggests traders are closing leveraged positions rather than building new ones, a behavior typically seen during transitional phases before a new trend emerges.
Macro Backdrop Has Shifted
The analyst’s optimism is not based on chart patterns alone. He cited five macro developments that distinguish early 2026 from previous cycles, including regulatory clarity following the conclusion of Ripple’s SEC lawsuit, the launch and scaling of RLUSD, and institutional integration of Ripple’s technology.
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Arthur also pointed to the accelerating tokenization narrative and what he called “real institutional infrastructure” that is now in place.
“Technical analysis is always driven by macro,” the market observer said. “And the macro is pointing up.”
XRP has a history of delivering sharp recoveries from extended downturns. For example, during the 2018 bear market, the asset traded near $0.30 for months before rallying to $1.70 in April 2021. It again bottomed around $0.35 in spring 2022 and remained range-bound until November 2024, when it climbed above $2 and later hit an all-time high of $3.65 in July 2025.
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Cardano founder Charles Hoskinson said that privacy-focused blockchain Midnight doesn’t have plans to onboard privacy maxis from the zcash and monero communities to the Midnight chain.
“You don’t try to get anybody from Monero or ZCash over,” he said during a Q&A session at Consensus Hong Kong on Thursday.
“They certainly will come in their own time, but they’re a different demographic,” he said. “Those are people that wake up every day and they really care about privacy, and they matter and they’re important, but what we’re going for is the billions of people that don’t know they need privacy but give it to them by default.”
Midnight announced Thursday that its mainnet will go live in March as a partner chain to Cardano.
Hoskinson then claimed the ethos of privacy is not as simplistic as the monero and zcash communities often allude to.
“What Monero and ZCash have been trying to convince people is it’s like a light switch. We’re private. The switch is on. Everybody else is not. The switch is off. That’s not how that works,” he said.
Editor’s note: The Bitcoin Conference has announced the return of Code & Country 2026, its flagship policy forum designed to bring U.S. policymakers and Bitcoin industry participants into direct, on-the-record discussions. Scheduled for April 27 during a U.S. election year, the forum aims to address how active legislation and regulatory priorities intersect with Bitcoin, digital infrastructure, and adjacent sectors such as energy and stablecoins. By removing intermediaries, the event positions itself as a venue where builders operating at scale can engage directly with lawmakers shaping the regulatory environment that will influence the next phase of technological and financial development.
Key points
- Code & Country 2026 will take place on April 27 and is open to Pro Pass and Whale Pass holders.
- The forum focuses on direct engagement between Bitcoin industry leaders and U.S. policymakers.
- Discussions will center on active legislation, regulatory priorities, and real-world policy impacts.
- Programming spans Bitcoin, energy infrastructure, stablecoin regulation, and digital civil liberties.
Why this matters
As regulatory frameworks for Bitcoin and related technologies continue to evolve, direct dialogue between policymakers and industry participants is becoming increasingly consequential. Events like Code & Country provide insight into how legislative decisions are formed and how they may affect builders, investors, and infrastructure providers operating at scale. Held during an election year, the forum reflects growing institutional engagement with Bitcoin and highlights the role policy will play in shaping the sector’s trajectory in the U.S. and beyond.
What to watch next
- Announcements of confirmed speakers and detailed programming ahead of the event.
- Key policy themes emphasized by lawmakers and regulatory representatives.
- Signals on how Bitcoin-related regulation may evolve following the forum.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
Nashville, TN — February 10, 2026 — The Bitcoin Conference announced today Code & Country 2026, the flagship policy forum returning for its second year to convene industry leaders, builders and U.S. policymakers for direct discussions on the issues shaping technology, regulation, and legislative priorities.
Code & Country 2026 will take place on April 27 at 12:00 PM and will be open to Pro Pass and Whale Pass holders. The forum is scheduled during the 2026 U.S. election year, when congressional agendas, committee priorities, and policy frameworks are actively taking shape.
The event is designed to facilitate direct engagement between those building critical infrastructure and those shaping policy – no intermediaries. Discussions will focus on active legislation, administrative priorities, and the real-world implications of regulatory decisions on the industries defining America’s technological future.
“Policy decisions affecting Bitcoin are made regardless of industry participation. We finally have an administration and bipartisan Congress seeking guidance from our industry on how to regulate. We can either jump in the game and help craft the next century of the regulatory landscape, or watch from the sidelines as someone else does it for us,” said Brandon Green, CEO of BTC Inc.
This year’s programming addresses the convergence of Bitcoin with broader policy areas – from energy infrastructure and stablecoin regulation to civil liberties in a digital age. Policymakers and congressional staff will hear directly from industry participants operating at scale, while attendees will gain insight into how policy development functions in Washington.
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Industry leaders and builders seeking direct engagement with policymakers on regulatory frameworks
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Leaders in AI, energy, and adjacent sectors navigating the policy landscape
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Participants newer to policy discussions looking to understand how legislative decisions affect Bitcoin
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Policymakers and staff seeking technical and operational perspectives from those building at scale
About The Bitcoin Conference
The Bitcoin Conference, organised by BTC Media, the parent company of Bitcoin Magazine, is a global event series, featuring notable industry speakers, workshops, exhibitions, and entertainment. These events serve as vital platforms for Bitcoin industry leaders, developers, investors, and enthusiasts to gather, network, and exchange ideas. Bitcoin 2026 is being held in Las Vegas in April 2026. Its international events include Bitcoin Hong Kong (August 27-28, 2026), Bitcoin Amsterdam (November 5-6, 2026) and Bitcoin MENA (Abu Dhabi, December 2026).
Bitcoin (BTC) price fell to $65,800 on Wednesday, slipping back below key intraday trend lines and raising concerns that last week’s drop to $60,000 may not have been the final bottom. Now, analysts say the possibility of another drop to the yearly low ($59,800) is increasing due to a growing liquidity gap between $66,000 and $60,000.
Key takeaways:
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Bitcoin has formed a series of lower highs after repeated rejections near the $70,000–$72,000 resistance zone.
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The relative strength index (RSI) is trending toward oversold levels as the price trades below key moving averages.
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The liquidation heatmap indicated an absence of liquidity up to $60,500, keeping the risk of a downside price move open.
Failure to hold $70,000 weakens Bitcoin’s short-term prospects
Bitcoin’s one-hour chart shows multiple failed attempts to hold above $70,000. Each rejection has led to lower price highs and steady selling pressure.
BTC’s price briefly pushed into intraday highs of $69,800 before reversing sharply during the New York session on Wednesday, forming a classic swing failure pattern. The move trapped breakout longs and accelerated downside momentum.
BTC also traded below both the 50-period and 100-period exponential moving averages, confirming short-term bearish control. The RSI remained below 50, indicating limited buying pressure.
A 15-minute order block sits near the $60,800–$61,000 region, an area where strong buying pressure previously stepped in after BTC printed a yearly bottom at $59,800. This region remains a liquidity target if $64,000 fails to hold.
Related: When will Bitcoin start a new bull cycle toward $150K? Look for these signs
Heatmap data shows $60,000 is a liquidity magnet
Bitcoin’s liquidity heatmaps reveal stacked orders above $72,000, but it also highlights a “liquidity void” from $66,000 to $60,500. This “liquidity void” may act as a magnet, as price tends to move quickly through low-liquidity areas to tap concentrated stop clusters below.
Despite more visible liquidity being higher, the downside remains open as a final stack of leveraged longs worth over $350 million is still positioned near $60,500.
Bitcoin trader Husky said Bitcoin is slipping below the anchored volume-weighted average price (VWAP) drawn from last week’s lows at $59,800, a level that is acting as a short-term fair value.
With the overall market structure starting to weaken, a lack of a swift recovery above $68,000 increases the risk of further downside toward lower support levels near $65,000. For now, Bitcoin is expected to trade within a broad $60,000 to $72,000 range, according to the trader.
Likewise, market analyst EliZ noted that BTC is consolidating near $66,500 inside a descending channel. A break below this level may send the price toward the $63,400–$64,600 support zone, increasing the odds of a revisit to $60,000.
Related: Bitcoin reacts to major US jobs data beat as Fed rate pause odds near 95%
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Intercontinental Exchange (ICE) has launched the Polymarket Signals and Sentiment Tool, integrating prediction market data into its services to provide traders with enhanced market insights.
Intercontinental Exchange (ICE) has announced the launch of the Polymarket Signals and Sentiment Tool, a service designed to provide real-time and historical prediction market data to traders. This tool aims to enhance market insights by offering crowd-sourced probability assessments through ICE’s infrastructure.
The tool is specifically targeted at professional and institutional traders. By delivering normalized data feeds from Polymarket’s prediction markets, it allows traders to consume crowd-sourced probability assessments as market signals. These signals provide implied probabilities on real-world outcomes that are not typically captured by traditional financial instruments. The service is designed to complement existing market, pricing, and sentiment inputs within institutional workflows.
Prediction markets have been gaining traction in financial services for their ability to forecast and gauge public sentiment. The prediction market industry itself has experienced notable growth, with a weekly volume of $6.2 billion as of January 2026.
This article was generated with the assistance of AI workflows.
Ethereum Foundation AI lead Davide Crapis and Ethereum co-founder Vitalik Buterin have proposed a way to use zero-knowledge proofs and other methods to ensure that a user’s interactions with large language models are private, while preventing spam and abuse.
API calls occur every time a user sends a message to a software application, such as an AI chatbot. Crapis and Buterin said in a blog post on Wednesday that a core challenge for both users and providers is privacy, security, and efficiency.
“We need a system where a user can deposit funds once and make thousands of API calls anonymously, securely, and efficiently,” they said.
“The provider must be guaranteed payment and protection against spam, while the user must be guaranteed that their requests cannot be linked to their identity or to each other,” they added.
With the use of AI chatbots rising, data leaks from LLMs have become a growing concern. Chatbots often handle highly sensitive data, and linking usage to identities can create significant privacy, legal, and security risks. Usage logs can even be used in court proceedings.
Crapis and Buterin’s solution for users and providers
Crapis and Buterin said providers currently are forced to choose between two “suboptimal paths,” identity-based access with users forced to hand over sensitive information like an email or credit card, which creates privacy risks, or per-request on-chain payments, which are slow, costly, and traceable.
The duo proposes a system where users deposit funds into a smart contract and then make API calls without revealing their identity or linking requests, leveraging zero-knowledge proofs and rate-limit nullifiers for payments and anti-spam enforcement.
“A user deposits 100 USDC into a smart contract and makes 500 queries to a hosted LLM. The provider receives 500 valid, paid requests but cannot link them to the same depositor, or to each other, while the user’s prompts remain unlinkable to the user identity,” Crapis and Buterin said.
“The model enforces solvency by requiring the user to prove that their cumulative spending—represented by their current ticket index—remains strictly within the bounds of their initial deposit and their verified refund history.”
Cheating the system could slash your deposit
To deter scammers, illegal content generation, jailbreaking attempts, and other terms-of-service violations, Crapis and Buterin propose a dual-staking system.
Related: Vitalik draws line between ‘real DeFi’ and centralized yield stablecoins
If a user is caught trying to double-spend, their deposit can be claimed by anyone, including the server. However, users violating the terms of service will have their deposit sent to a burn address and the slashing event is recorded on-chain.
“For example, a user might submit a prompt asking the model to generate instructions for building a weapon or to help them bypass security controls – requests that would violate many providers’ usage policies,” Crapis and Buterin said.
“While the user’s identity remains hidden, the community can audit the rate at which the Server burns stakes and the posted evidence for these burns.”
Magazine: Hong Kong stablecoins in Q1, BitConnect kidnapping arrests: Asia Express
The Stellar Development Foundation (SDF) announced at Consensus Hong Kong that TopNod, a non-custodial wallet, will integrate with the Stellar network. The move is part of SDF’s broader push into Asia — a region where it faces stiff competition from Solana, TON, and XRP in the payments and tokenization markets.
TopNod’s wallet uses key sharding and Trusted Execution Environment (TEE) technology to eliminate the need for seed phrases. The platform focuses on tokenized real-world assets (RWAs) and stablecoins rather than speculative tokens, though it remains a relatively young project with limited brand recognition outside Web3 circles.
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SDF Bets on Emerging Markets
In an exclusive interview with BeInCrypto, Stellar CBO Raja Chakravorti called Asia Pacific “a critical growth driver” and said SDF plans to build out anchor networks in Indonesia, the Philippines, and Vietnam over the coming year.
“We brought employees in the region focused on Singapore first, but we’ve really been focusing on expanding rapidly,” Chakravorti said, adding that more APAC financial institution partnerships would be announced over the next two quarters — though he declined to share specifics.
SDF has also partnered with MarketNode, a Singapore-based tokenization platform, and said it is in discussions with financial institutions about tokenizing money market funds in the region.
The ambition is clear, but execution remains the question. Stellar’s on-chain RWA value crossed $1 billion over the past year, and its DeFi TVL tripled. Yet XLM has fallen roughly 71% from its 2025 high of $0.52, underperforming both Bitcoin and Ethereum. Daily transaction volumes have held steady, but average transaction values have dropped, suggesting that core payment use cases persist while speculative and high-value capital flows have dried up.
2026: The Distribution Problem
Chakravorti acknowledged that tokenization alone is no longer the differentiator.
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“Last year was really about proving that tokenized products can be built at scale. This next year is really going to be about focusing on finding the right distribution outcomes for these assets,” he told BeInCrypto.
This is arguably Stellar’s biggest challenge. Franklin Templeton’s tokenized money market fund remains the network’s flagship RWA product, and US Bank recently announced a stablecoin partnership. But competing chains are moving fast — Solana and Polygon are both founding members of the same Blockchain Payments Consortium (BPC) as Stellar, and networks like Ethereum and Avalanche continue to attract institutional tokenization projects.
Privacy vs. Compliance
Stellar’s recent X-Ray upgrade (Protocol 25) introduced native zero-knowledge cryptography. Chakravorti framed this as an institutional necessity rather than a privacy-maximalist play.
“Privacy elements may encompass send, receive, who is the holder — but importantly, these have to be auditable,” he said. “The privacy may look slightly different depending on who you’re talking to.”
Whether this configurable approach satisfies both regulators and privacy-conscious users in Asia’s diverse regulatory landscape remains to be seen.
What’s Next
SDF confirmed its annual Meridian conference will move to Abu Dhabi in October 2026. The TopNod integration is expected to go live across the Philippines, Singapore, Japan, and other Asian markets, though no specific timeline has been provided.
For Stellar, the formula is familiar: strong infrastructure, growing institutional interest, and a clear narrative. The missing piece — as Chakravorti himself admitted — is distribution at scale.
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