The current process allows ETFs that meet certain conditions to jump into the markets without requiring a complicated request for exemption from the regulator, and that approach has seen an explosive growth from $4 trillion in 2019 to $12 trillion in 2025.

“It is designed to build a record that could be used to justify policy changes in the future that would permit ETFs focused on a broader universe of assets,” said TD Cowen policy analyst Jaret Seiberg, in a note to clients. He said the broader range of ETFs could include “those based on event contracts, crypto assets and single-stock strategies.”

Atkins’ SEC has made it a priority to embrace new technologies, especially cryptocurrency, for which it’s working on major policies to allow for such innovations as tokenization of securities. In the meantime, its ETF stance may also get a rewrite.

“Market participants have raised questions regarding whether novel ETFs with a principal investment strategy to invest in assets that are not securities under the Investment Company Act are investment companies,” according to the SEC’s request, which posed a number of questions on that point. It also asked questions about the time period in which ETFs become effective and what must be disclosed during this process.

Key Takeaways

• D-Wave Quantum has received $1.6 million in funding from the National Science Foundation via its National Quantum Virtual Laboratory initiative.
• The grant backs D-Wave’s participation in ERASE, a research initiative developing fault-tolerant quantum computing capabilities.
• Over 24 organizations, including IonQ, Nvidia, and Quantinuum, participate in NSF-supported quantum computing programs.
• QBTS shares have declined 8.9% year-to-date in 2026 following a 211% surge in 2025, contrasting with competitors IonQ and Rigetti’s trajectories.
• The company is expanding its technology portfolio to include gate-model computing beyond its core quantum annealing platform.

D-Wave Quantum has secured new federal financial backing. On Tuesday, the quantum computing firm revealed it won a $1.6 million grant from the National Science Foundation.

D-Wave Quantum Inc., QBTS

The funding originates from the NSF’s National Quantum Virtual Laboratory initiative. This collaborative framework connects academic researchers, private sector participants, and federal entities to advance quantum technology toward commercial viability.

D-Wave’s allocation supports its involvement in ERASE—an acronym for Erasure Qubits and Dynamic Circuits for Quantum Advantage.

The ERASE initiative concentrates on creating core infrastructure for fault-tolerant quantum systems. It earned selection as one of six pilot programs the NSF designated over twelve months ago.

The NSF committed an additional $4 million to the project last week, advancing it into its subsequent development stage. Simultaneously, the agency designated five research groups to engineer experimental quantum networking infrastructure.

Quantum networking represents a critical frontier for the sector. Industry experts consider it essential infrastructure for an eventual quantum-enabled internet.

An Expansive Consortium of Industry Players

D-Wave operates within a broader collaborative ecosystem. More than two dozen corporations have joined these NSF-supported programs to accelerate technology maturation.

Notable participants include IonQ, Nvidia, and Quantinuum—backed by Honeywell and recently completing its public market debut this month. Federal support extends broadly throughout the quantum computing sector, benefiting multiple competitors.

This marks another milestone in D-Wave’s federal engagement. Last May, the Commerce Department selected the company for an initiative where quantum firms traded equity positions for government capital.

Most recently, President Trump issued two executive directives aimed at accelerating quantum system deployment. One directive targets delivery of a research-capable quantum computer by 2028. The companion order establishes a 2031 timeline for complete government transition to post-quantum cryptographic standards.

Share Price Movement Contradicts Federal Support

The context around this announcement matters significantly. D-Wave is currently transitioning toward gate-model quantum computing architectures, diverging from the quantum annealing methodology that established its market position.

QBTS shares have experienced headwinds in 2026, declining 8.9% after posting gains exceeding 200% throughout 2025. By comparison, IonQ has advanced 20% this year, while Rigetti Computing has retreated 12%.

D-Wave dominated 2025 performance metrics with a 211% appreciation versus IonQ’s modest 7.4% increase and Rigetti’s approximately 45% climb. This exceptional 2025 performance left limited upside momentum entering 2026.

IonQ’s stronger 2026 showing reflects evolving investor sentiment toward quantum stocks. Market participants increasingly differentiate companies demonstrating tangible revenue expansion from those trading primarily on future potential.

D-Wave’s most recent quarterly revenue contracted 81% on a year-over-year basis. CEO Alan Baratz has acknowledged results will remain “lumpy” due to the irregular timing of complete system transactions.

However, bookings momentum has strengthened, which management highlights as evidence of expanding long-term order commitments. During its recent investor presentation, D-Wave leadership indicated system sales were beginning to contribute more substantially to consolidated growth, complementing stable revenue from its quantum-computing-as-a-service platform.

D-Wave CEO Alan Baratz addressed the grant award directly. “NSF’s continued support for the ERASE project highlights the national importance of accelerating progress toward scalable, fault-tolerant quantum computing,” he stated, noting that D-Wave’s dual-rail technology architecture could contribute significantly to these objectives.

BlackRock, Coinbase, Ripple, Mastercard, and more than a dozen financial firms have partnered to launch OUSD, a new stablecoin that distributes reserve earnings to participating institutions through a shared governance model.

Open Standard announced that OUSD is scheduled to launch later this year, introducing a stablecoin framework that allows partner institutions to mint and redeem tokens without fees while sharing income generated from the underlying reserves.

The organization said participating firms will also take part in governing the network through a joint board rather than relying on a single issuer.

OUSD introduces shared governance and reserve revenue model

According to Open Standard, the project was created to address several long-standing issues businesses face when using stablecoins. The organization said many existing products charge high fees for large-scale minting and redemption, while companies using those stablecoins often receive none of the income generated by the reserve assets backing them.

Under the proposed structure, Open Standard said partners will be able to mint and redeem OUSD without artificial volume limits or transaction fees. Reserve income will be distributed among participating organizations after deducting a small management fee intended to cover operational expenses.

Governance will also be handled collectively. Open Standard said its board will include representatives from participating firms, allowing members to make decisions jointly on matters affecting the stablecoin rather than leaving development and policy entirely to a single issuer.

The consortium includes BlackRock, Coinbase, Ripple, Mastercard and several other financial and technology companies. OUSD is expected to launch natively on layer-1 blockchains including Solana and Tempo later this year. Solana has already confirmed native support from day one, highlighting the stablecoin’s decentralized governance model alongside its zero-fee minting and redemption process.

Institutional stablecoin activity continues to expand

The announcement follows another recent collaboration involving several of the same companies.

As crypto.news previously reported, Ripple and Coinbase recently backed Mastercard’s artificial intelligence-powered payment system, which is designed to use stablecoins for AI agent transactions.

Ripple has also continued adding institutional financial infrastructure to the XRP Ledger. As crypto.news reported, the company has proposed a lending protocol that would allow financial institutions to borrow digital assets without selling their holdings.

Ripple said the protocol is intended to support lending markets for tokenized U.S. Treasuries, money market funds, stablecoins, commodities, private credit and other real-world assets while addressing what it considers a missing layer of blockchain-based financial infrastructure.

Industry participants involved in OUSD described the initiative as a practical step for institutional adoption.

Samara Cohen, BlackRock’s Global Head of Market Development, said the company believes stablecoins can play an important role in digital markets when supported by trusted infrastructure and practical utility.

“Open USD is a constructive step toward giving businesses more choice in how they access tokenized value and participate in internet native digital rails.”

Coinbase Chief Business Officer Shan Aggarwal said stablecoins remain one of the most important developments in payments, adding that stronger shared infrastructure can help narrow the gap between today’s payment systems and the capabilities blockchain technology can offer.

If launched as planned, OUSD will enter an increasingly competitive institutional stablecoin market where issuers are moving beyond payments and settlement to offer governance participation, tokenized asset support and revenue-sharing models designed for large financial institutions.

Stablecoins are moving quickly from “crypto rails” toward mainstream corporate payment tools, according to a new survey from payments infrastructure firm Cybrid. The report suggests that a large share of businesses are already using stablecoins for cross-border transfers—and that confidence in further adoption will hinge heavily on clearer regulation.

Cybrid’s findings indicate that 42% of surveyed companies are using stablecoins for cross-border payments today, while 88% of respondents said they are likely or very likely to use them within the next 12 months. Among those benefits cited, cost savings stand out: businesses reported average cross-border payment cost reductions of 35%, with firms processing more than $100 million per month reporting average savings up to 47%.

Key takeaways

• Adoption is already underway: 42% of Cybrid’s surveyed businesses report using stablecoins for cross-border payments.
• Momentum looks set to accelerate: 88% said they expect to use stablecoins within the next year.
• Cost savings are a primary driver: average cross-border payment costs are reported down 35%, rising to as much as 47% for higher-volume firms.
• Regulatory clarity is the confidence lever: 71% of respondents said regulation matters more than trusted infrastructure providers or integration with existing systems.
• Stablecoin growth remains concentrated: CoinGecko data places total stablecoin market cap at $307.64 billion, with USDT and USDC leading.

Corporate stablecoin use is expanding beyond niche payments

Cybrid’s report is based on a survey of 468 executives and business leaders conducted between April 28 and May 4. Respondents represented technology, financial services, and ecommerce sectors across the United States, Canada, and the United Kingdom, including C-suite executives as well as finance and treasury, payments, and operations leadership.

While cross-border payments are the headline use case, the survey also points to a range of corporate applications. Payroll and contractor payments were cited as the most common use case after cross-border transfers, followed by supplier and vendor payments. Additional reported activities included customer payments and uses tied to investment and yield generation, along with treasury and liquidity management.

That breadth matters for investors and operators because it suggests stablecoins are not being evaluated solely as an alternative to one payment moment. Instead, businesses appear to be testing stablecoins across operating workflows—particularly where speed, settlement, and international reach can reduce friction.

Cost advantages reported by businesses

Cybrid’s survey quantifies the economic appeal. Businesses using stablecoins reported average cross-border payment cost savings of 35%. For companies handling more than $100 million in monthly payment volume, the average savings reportedly increased to as much as 47%.

These figures are particularly relevant because stablecoin adoption often depends on whether the technology can deliver measurable improvements over established banking and remittance channels. Cybrid also noted that only 2% of respondents described themselves as “committed” users of traditional payment rails, a contrast that implies stablecoin workflows may be winning share where they provide clearer cost or operational benefits.

Regulation is emerging as the deciding factor

Beyond pricing, the survey highlights a key decision-making variable: regulatory clarity. According to Cybrid, 71% of respondents said it would increase their confidence to expand stablecoin use—and did so more than other considerations such as trusted infrastructure providers or integration with existing systems.

This emphasis aligns with broader market dynamics. The report points to momentum driven by U.S. legislation for payment stablecoins. It references the emergence of GENIUS Act-compliant stablecoins, noting that these have reached a combined market cap above $76 billion—marking the first federal regulatory framework for payment stablecoins in the United States.

At the same time, the survey’s geography and respondent profile indicate that corporations are actively looking for frameworks that can be relied on at the point of operational deployment, not just pilot testing.

Stablecoin market size continues to grow as infrastructure upgrades

The Cybrid report arrives as stablecoins continue to scale. CoinGecko data cited in the report puts total stablecoin market cap at $307.64 billion. Tether’s USDT leads at $184.7 billion, followed by Circle’s USDC at $73.51 billion. The same data set is referenced to highlight how GENIUS Act-compliant stablecoins have grown to more than $76 billion in market cap.

Additional industry signals cited alongside Cybrid’s survey reinforce the shift toward business demand. Paybis previously said business customers accounted for nearly 98% of stablecoin payout volume processed through its platform in the first four months of 2026, up from 36% in 2023. Paybis also referenced McKinsey research estimating that business-to-business transactions represent roughly 60% of the $390 billion in global stablecoin payment volume recorded in 2025.

Meanwhile, major infrastructure providers continue expanding regulated pathways for stablecoin issuance, custody, and transfers. In May, Falcon Finance debuted fUSD—a dollar-backed stablecoin—through Anchorage Digital Bank’s federally regulated issuance platform, aiming at institutional trading, collateral, and treasury workflows. More recently, BNY expanded its digital asset custody platform to support Circle’s USDC, enabling institutional clients to store, transfer, mint, and redeem the stablecoin through the bank.

Together, these developments suggest that corporate interest is increasingly meeting operational capability. For businesses, the practical question is no longer whether stablecoins can move value, but whether they can be integrated into compliant, bank-adjacent processes that reduce operational risk.

What to watch in the next 12 months

Cybrid’s survey indicates stablecoin adoption is likely to intensify, but the data also implies that expansion may depend on continued regulatory progress and on how quickly corporate infrastructure becomes easier to deploy. Investors and teams should watch whether compliance-driven infrastructure keeps pace with demand—and whether businesses that are “likely” to use stablecoins convert into consistent, long-term users.

Coinmetro, an Estonian-based cryptocurrency exchange, has claimed that it has filed “a reorganisation application to the Estonian court.”

In its announcement, it states that this is required because of “an extraordinary situation caused by a failure of one of our financial service providers.”

It further claims that it had already suspended user registrations, deposits, and withdrawals back on June 22.

Interestingly, in the Estonian register both Coinmetro OÜ and Coinmetro Group OÜ are past due on annual reports. Coinmetro Group OÜ is also listed as having a tax debt.

The announcement didn’t disclose which financial service partner led to this failure, and Coinmetro has yet to respond to Protos’ questions regarding that issue.

During a YouTube based “Ask Me Anything” with Coinmetro Chief Executive (and beneficial owner) Kevin Murcko, he claimed that it was actually more than one provider that failed, despite the announcement only claiming one.

He also claimed that there was a multi-year internal investigation, suggesting that this failure happened well before this current announcement.

Additionally, he stated that he originally believed that Coinmetro’s balance sheet was strong enough that this wasn’t originally material, but has become material as Coinmetro has approached the July 1 licensure deadline for compliance with Markets in Crypto Assets regulations.

Prime Trust

The Prime Trust bankruptcy estate (PCT Litigation Trust) filed an adversary proceeding against Coinmetro in August of last year.

This proceeding attempted to clawback withdrawals made in the days immediately preceding bankruptcy.

This proceeding claims that Prime transferred $1,205,751.10 to Coinmetro in the days before Prime’s failure.

Read more: Prime Trust accused of using customer funds to cover lost deposits

The mistakes and fraud committed by Prime apparently make it extraordinarily difficult to determine who was owed which funds from Prime Trust.

This means that Coinmetro didn’t necessarily withdraw more funds than it deposited because of the failure, and Prime Trust is trying to clawback many of the withdrawals from the final days.

Protos reached out to Coinmetro for comment, but it didn’t respond before publication.

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