TLDR:

• The pre-IPO token market has recorded $1.25B in cumulative trading volume with over 20,000 active holders on-chain.
• SPV-backed protocols like PreStocks and Paimon Finance lead adoption by offering real share-backed token exposure via DEXes.
• Synthetic contracts carry no underlying share claims, introducing basis risk between oracle prices and actual private valuations.
• Closed-end fund structures offer SEC-registered exposure but limit redemptions and charge annual fees as high as 3.6%.

The pre-IPO tokenized equity sector has grown sharply on-chain, with platforms recording $1.25 billion in cumulative trading volume.

Over 3.5 million transactions have been processed across these protocols. More than 20,000 holders now participate in the space.

The combined market capitalization of tokenized pre-IPO stocks sits near $130 million, while Solana-based tokenized equity volumes continue reaching new weekly highs.

SPV-Backed and Synthetic Protocols Lead Market Adoption

Analyst Tanaka recently outlined the three main structures operating in the pre-IPO token space. SPV-backed protocols issue tokens tied to special purpose vehicles that hold actual company shares.

Synthetic contracts rely on oracles for pricing but carry no real share backing. Closed-end funds offer equity exposure inside regulated vehicles with net asset value pricing.

SPV-backed protocols currently lead in both adoption and secondary market liquidity. PreStocks operates on Solana, offering instant DEX trading, no investment minimums, and Regulation S compliance.

It lists names including SpaceX, OpenAI, Anthropic, Anduril, and Neuralink. Paimon Finance follows a similar model across BNB and HashKey chains, covering SpaceX, xAI, and Stripe, among others.

Both PreStocks and Paimon Finance anchor prices through internal pricing engines. They also rely on bid-ask spreads within their respective liquidity pools. This structure gives retail participants access to private company exposure without traditional barriers.

Synthetic protocols such as Ventuals and TradeXYZ price assets using real-time oracle feeds. Exits happen at market price, with funding rates serving as the primary cost.

However, these instruments carry no underlying share claims and introduce basis risk between contract prices and actual private valuations.

Closed-End Funds Prioritize Regulation Over Liquidity

Closed-end fund structures take a different approach, placing regulatory compliance at the center. Protocols like USVC and Fundrise VCX register with the SEC or equivalent regulators.

They price holdings to net asset value and restrict redemptions, often to quarterly windows following an IPO event.

Annual management fees on some of these products reach as high as 3.6%. While the regulatory structure provides investor protections, overall liquidity remains lower than what SPV secondary markets offer. This trade-off suits participants who prioritize compliance over trading flexibility.

Tanaka noted in the post that several companies have declared certain SPV token transfers void under their corporate bylaws.

This has triggered price volatility for affected tokens. Premiums over last known private valuations also remain elevated across most listings.

The timing of upcoming IPOs and public market capacity to absorb multiple large listings in 2026 also remain uncertain.

Tanaka disclosed no current positions in these instruments at present premium levels. The broader real-world asset infrastructure layer, nonetheless, continues to develop.

Russia has sanctioned a 17-year-old British schoolboy after he published a report exposing the country’s sanctions evasion which was partially enabled by Kyrgyzstani firms.

Reuters reported yesterday that Alexander Browder was sanctioned and barred, alongside four other British nationals, from entering Russia.

Russia’s foreign ministry claimed the sanction was warranted due to the “provocative anti-Russian rhetoric of British officials, ​the spread of insinuations about Russia, and ​London’s practical steps to supply the Kyiv regime with weapons.”

Roughly three months prior, Browder submitted a 46-page report to the Henry Jackson Society think tank detailing the scale of cryptocurrency money laundering within Russia.  

His report was based on the findings of his own Global Cryptocurrency Laundering Database, a trove of data that reveals how cryptocurrency has been used to launder $350 billion in illicit funds across 164 cases between 2005 and 2025. 

Browder discovered he had been sanctioned while at school. 

He told the BBC, “No one said anything to me,” adding “I was sat in my economics class and I saw my name on the front page of Reuters saying that I was sanctioned.” 

Read more: UK sanctions HTX for alleged Russian sanctions violations

He said, “For Russia [crypto laundering] is one of the key ways that they’re generating revenue to sustain their war of aggression, and so I’ve spent the last year and a half taking it down.”

Browder’s work covers Russia’s reliance on the Kyrgyzstan-based stablecoin A7A5, how four of the five major ransomware groups are based in the country, and the entire network moving money crypto to Russia’s benefit. 

The report has been influential enough to spur 26 UK politicians to call for the country’s foreign secretary to sanction various Kyrgyzstani enablers of the network.

One month later, the UK implemented a series of UK sanctions against Russia that targeted the A7A5 network. 

This included the sanctioning of Justin Sun’s Huobi Global, a crypto exchange that later rebranded to HTX, for its alleged interactions with the Russian crypto exchange Garantex.  

Key Highlights

• Bybit integrates USDPT stablecoin with fiat conversion services for Latin American users
• Western Union’s digital dollar debuts on a leading cryptocurrency exchange platform
• USDPT combines Solana blockchain infrastructure with traditional fiat currency gateways
• Partnership aims to accelerate cross-border transactions using stablecoin technology
• USDPT transitions from payment-only utility to full trading and fiat integration

Cryptocurrency exchange Bybit has integrated Western Union’s USDPT stablecoin into its fiat gateway services, marking a significant milestone for stablecoin adoption in Latin America. This collaboration represents the first time Western Union’s digital currency appears on a prominent crypto trading platform, bridging regulated stablecoin infrastructure with local currency exchange services.

Bybit Enables USDPT Access via Fiat Gateway

Bybit has rolled out support for USDPT purchases and sales through its One-Click Buy feature. Qualified users can now transact with the token provided their accounts meet eligibility requirements. This integration establishes an immediate fiat-to-stablecoin pathway within Western Union’s digital currency ecosystem.

Built on Solana’s blockchain infrastructure, USDPT maintains a direct 1:1 peg to the United States dollar. The stablecoin is issued by Anchorage Digital Bank, N.A., which also maintains the reserve assets supporting each token. This arrangement provides the digital asset with established regulatory oversight and institutional-grade custody solutions.

Through this partnership, Bybit contributes its trading infrastructure, fiat liquidity pools, and extensive customer network. Meanwhile, Western Union supplies its established payment channels, regulatory compliance framework, and decades of settlement expertise. The collaboration seeks to minimize transaction delays and eliminate inefficiencies in international money transfers.

Western Union Advances Digital Asset Initiatives

Western Union unveiled USDPT in May as a cornerstone of its evolving digital asset roadmap. The financial services giant developed this stablecoin specifically to facilitate practical payment applications and transaction settlement. Additionally, the platform enables continuous operation independent of conventional banking schedules.

The Bybit partnership extends USDPT’s utility beyond simple payment channels into comprehensive cryptocurrency trading ecosystems. Market participants in eligible regions can acquire tokens using their national currencies and subsequently exchange them back. This functionality positions the stablecoin as a practical tool for remittance services and digital dollar accessibility.

With over 140 years of experience in global money transfer services, Western Union’s entrance into stablecoin territory signals broader payment sector momentum toward blockchain settlement solutions. Furthermore, this initiative responds to escalating consumer demand for more efficient and economical international payment options.

Payment Industry Embraces Stablecoin Technology

Dollar-backed stablecoins have become a dominant force within digital asset markets. According to DeFiLlama analytics, the combined market capitalization of USD-pegged stablecoins approaches $320 billion. As a result, established payment companies increasingly explore regulated token solutions for settlement operations and fund transfers.

MoneyGram recently unveiled MGUSD on the Stellar network to power blockchain-enabled payment infrastructure. Similarly, Mastercard has broadened its integration of USDC, PYUSD, and RLUSD across specific settlement workflows. Western Union’s USDPT introduction now adds another recognized payment industry leader to this growing landscape.

The Bybit-Western Union alliance positions USDPT as a connector between cryptocurrency trading platforms and traditional financial systems. The stablecoin enables round-the-clock settlement while maintaining connections to regulated banking reserves. This strategic launch represents a concentrated effort to accelerate stablecoin adoption throughout Latin American markets.

Apex Group is guiding the fund administration for a tokenized real estate fund whose shares are issued on Goldman Sachs’ Digital Asset Platform (GS DAP). The collaboration brings together Goldman Sachs, digital asset exchange Archax, real estate manager LRC Group and interoperability provider Ownera, according to Apex.

“Tokenization at institutional scale depends on trusted, regulated infrastructure,” said Agnes Mazurek, Apex Group’s global head of digital assets, underscoring the growing demand from fund managers and investors for blockchain-native solutions that fit existing governance and oversight frameworks. The effort signals a broader industry push by banks, fund administrators and regulated digital-asset firms to bring real-world asset funds onto the blockchain while preserving familiar investor servicing and regulatory guardrails.

Tokenized units issued via GS DAP

The fund’s shares are issued as digital tokens on Goldman Sachs’ Digital Asset Platform (GS DAP), a blockchain-based framework designed to support issuance, settlement, custody and transfer of digital assets. GS DAP, which debuted in 2022, operates atop the Canton Network and uses Digital Asset’s smart contract language DAML to enable private, permissioned flows of data and value.

“Issuing blockchain-native fund units on GS DAP enables investment in real estate assets with precision while unlocking more seamless transferability in the future,” said Mathew McDermott, Goldman Sachs’ global head of digital assets and a Digital Asset board member. The arrangement positions tokenized real estate within a regulated structure, aiming to streamline ownership records and settlement processes while maintaining governance and investor protections.

In this collaboration, LRC Group, a pan-European real estate investment manager, will manage the fund, while Archax, described as a real-world assets (RWA) focused exchange, serves as custodian and the initial distribution partner. Ownera provides the interoperability layer that connects issuers, custodians and distribution channels, enabling the ecosystem to operate with greater connectivity across different platforms.

Cointelegraph requested additional details from Apex Group, but the firm did not provide further information by publication time.

Related industry coverage highlights the ongoing growth of real-world asset tokenization, including tokenized money-market funds, private funds and collateral networks. The broader market context shows institutional participants increasingly testing on-chain structures for traditional assets.

Apex Group’s involvement in tokenized real estate follows a previous move into tokenization in collaboration with Coinbase to launch a tokenized Bitcoin yield fund on the Base network earlier this year. The project underscored a trend where asset managers seek to combine blockchain-native issuance mechanisms with familiar fund governance and investor servicing standards.

Industry observers point to JPMorgan’s expansion of tokenization infrastructure through Kinexys, a platform focused on payments, collateral and asset tokenization, as part of a broader wave of Wall Street-backed experimentation with on-chain real assets. These efforts collectively illustrate a path toward more liquid, programmable access to real asset classes while aiming to preserve traditional risk controls and regulatory compliance.

Why this development matters for the market

Tokenizing real estate on GS DAP with a regulated, governance-oriented framework offers several potential benefits for investors and managers. First, on-chain units can improve settlement efficiency and reduce friction in cross-border transactions, potentially broadening the pool of eligible investors beyond typical fund structures. Second, the use of a centralized, regulated platform like GS DAP may help maintain consistent disclosure, compliance and investor servicing standards, even as assets move onto a blockchain-based issuance and transfer system. Third, the interoperability layer provided by Ownera could help align multiple distribution channels, custodians and issuers, reducing fragmentation in the tokenized-assets market.

What remains uncertain is how liquidity will evolve as tokenized real estate positions begin trading or transferring on chain. While GS DAP and Canton Network bring privacy and governance advantages to on-chain fund units, market liquidity for tokenized real estate remains a developing variable, contingent on regulatory clarity, custody reliability and the depth of secondary markets. Observers will also be watching how traditional asset managers balance compliance rigor with the speed and transparency promised by blockchain-native issuance.

Looking ahead: a continued push toward institutional tokenization

The Apex-led project reinforces a broader narrative: the financial industry is gradually moving real-world assets onto digital rails without sacrificing the controls and oversight investors expect. The integration of asset managers, custody partners and interoperability networks signals a more connected, standardized approach to tokenized funds—one that could accelerate the tokenization of real assets beyond private credit and real estate to include other asset classes as the ecosystem matures.

As tokenized funds gain traction, investors will want to monitor cadence from issuers about onboarding timelines, governance updates and liquidity options. Regulators, too, are likely to weigh in as more institutions pursue on-chain real asset offerings, looking to ensure that the benefits of tokenization are realized without compromising investor protections.

Readers should keep an eye on how this initiative unfolds across the GS DAP ecosystem, including any refinements to custody arrangements, distribution partnerships and cross-platform interoperability that could shape the pace and scope of institutional tokenization in the coming quarters.

Investors in Blackstone’s flagship private credit fund asked for their money back this quarter. Half of them won’t get it.

The $79 billion Blackstone Private Credit Fund (BCRED) told shareholders on Thursday that withdrawal requests hit 10% of its outstanding shares but the fund will honor just 5%.

It is the first time BCRED has ever capped redemptions.

The cap works out to about half of what investors wanted, according to a regulatory filing.

Last quarter, the fund did something more theatrical. Requests hit what was then a record 7.9%, higher than the quarterly 5% cap at which Blackstone is technically allowed to deny requests.

However, rather than turn anyone away, Blackstone tapped its own employees to fund the difference out of their personal accounts. 

This quarter, with requests even higher, employee checkbooks stayed closed.

Private credit might not have been the cause of crypto’s rough week this week, but the two certainly declined together. Bitcoin led a broad sell-off, trading near $64,000 at time of writing and down 13% over the past week. 

Given that tens of millions of US residents own crypto, many fund redemption requests came from the same crypto investors suffering these simultaneous drawdowns.

Crypto exchange Bybit has added support for Western Union’s USDPT stablecoin, a move that brings the payments giant’s digital dollar onto a major crypto trading venue for the first time.

The companies announced on Thursday that USDPT, Western Union’s US dollar-pegged stablecoin, is now available on Bybit for holding, trading and transfers. The integration expands USDPT beyond payments and into crypto trading while increasing the range of dollar-denominated stablecoins available to Bybit users.

Bybit said it is the first major cryptocurrency exchange to support USDPT.

Source: Western Union

Western Union launched USDPT in May as part of its broader digital asset strategy. The stablecoin is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank. USDPT initially launched on the Solana blockchain.

Originally founded in 1851 as a telegraph company, Western Union has said the stablecoin is designed to align with the framework outlined in the US GENIUS Act, the federal legislation that established regulatory standards for payment stablecoins. 

Related: Why stablecoins and SWIFT may have to coexist

Payment giants deepen stablecoin push

Stablecoins remain one of the fastest-growing segments of the digital asset market despite broader weakness in crypto prices. According to DeFiLlama, the total value of dollar-pegged stablecoins has climbed to nearly $320 billion.

Western Union joins a growing list of financial institutions and payments companies entering the stablecoin market.

Earlier this month, global payment service MoneyGram launched its own US dollar-pegged stablecoin, MGUSD, on the Stellar network as part of its broader push into blockchain-based payments and cross-border transfers.

Meanwhile, Mastercard announced Wednesday that it is expanding support for several stablecoins, including USDC (USDC), PayPal USD (PYUSD) and Ripple USD (RLUSD), as the payments giant deepens its involvement in digital asset settlement.

That support includes expanded settlement capabilities to let issuers and acquirers settle some card transactions using regulated stablecoins.

Rival payment network Visa is also gaining traction. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized transaction run rate, underscoring increasing adoption of blockchain-based payment rails.

Using a $200 remittance as a benchmark, World Bank data shows that digital transfer methods can reduce costs compared with traditional cross-border payment channels. Source: World Bank

The trend comes as policymakers and international institutions continue to examine the role of stablecoins in cross-border payments. The World Bank has noted that traditional remittance channels remain costly and can limit access in developing economies, areas where stablecoin-based transfers could offer efficiencies.

Related: Coinbase expands branded stablecoin infrastructure business with Flipcash USDF launch

Bitcoin (BTC) returned below $64,000 after Thursday’s Wall Street open as bulls nursed 13.5% weekly losses.

Key points:

• Bitcoin struggles to stabilize amid its worst week of losses in 2026 so far.
• $60,000 is the line in the sand for bulls to defend, analysis says.
• BTC price action with a key trend line closely mimics the 2022 bear market.

Bitcoin “sellers remain in control” as $60,000 nears

Data from TradingView showed BTC price strength barely recovering after a slide to its lowest levels since early February.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC/USD revisited its 200-week simple moving average (SMA) trend line at the lows, continuing to copy “classic” bear-market behavior from 2022.

“Continuation down after that bearish retest in the low $80Ks region,” trader Daan Crypto Trades wrote in a summary of the status quo on X. 

“Clearly still a bigger down trend this has been in since October last year.”

Daan Crypto Trades said that the focus was now on $60,000 and its ability to sustain as support.

“Key area here in the low $60Ks least with the Weekly 200MA too,” he added.

BTC/USDT perpetual contract one-day chart. Source: Daan Crypto Trades/X

Trading resource The Kobeissi Letter noted that since October 2025, crypto markets had shed more than $2 trillion in market up.

Total crypto market cap one-week chart. Source: Cointelegraph/TradingView

On short time frames, commentator Exitpump said that sellers still had the upper hand. 

“Every bounce gets met with a wall of chasing asks on Binance perps orderbook. The moment buyers start pushing, more supply shows up overhead and keeps price pinned,” they told X followers. 

“Sellers remain in control for now.”

BTC/USDT perpetual contract (Binance) chart with order-book liquidity. Source: Exitpump/X

Analysis notes “incredible” 2022 BTC price replay

At more than 13%, BTC/USD thus faced its worst week of 2026 so far, per data from CoinGlass.

Related: Trump says Iran will ‘work out well’: Five things to know in Bitcoin this week

BTC/USD weekly performance (screenshot). Source: CoinGlass

Continuing on the 200-week trend line, meanwhile, currently at $61,626, trader and analyst Rekt Capital made the case for ongoing four-year BTC price cycles.

“On the 13th of June 2022, Bitcoin reached the 200-week SMA during its Bear Market correction,” he noted on the day. 

“Now in the 2026 Bear Market, Bitcoin has reached the 200-week SMA almost exactly to the date 4 years later. Bitcoin Cycles are incredible.”

BTC/USD one-week chart with 200SMA. Source: Rekt Capital/X

A wallet tagged by Arkham to the publicly listed Ethereum treasury company FG Nexus moved another 10,000 Ether on Wednesday, extending a series of sales that began after the company built a large position in 2025.

The latest transfer equates to roughly $17.8 million at current prices and comes after earlier disposals that saw the Nasdaq-listed firm unwind more than 21,000 ETH from its treasury for roughly $55 million.

FG Nexus accumulated 50,770 ETH between August and September 2025 at an average price of $3,860 per coin, building a position worth about $196 million at the time.

With Ether trading near $1,765 at the time of writing, according to CoinGecko data, the cryptocurrency is down roughly 54% from FG Nexus’s average purchase price of $3,860, implying a loss of more than $100 million in value on its original investment.

FG Nexus’s share price was down 13.40% pre-market Thursday, trading at $7.11, down from $8.21 at Wednesday’s close, according to Yahoo Finance data.

Wallet linked to FG Nexus moves 10k ETH. Source Arkham

The company disclosed holdings of roughly 40,093 ETH in December 2025 and has yet to publicly comment on its Ether sales since those disclosures, with recent transfers identified by onchain data providers not addressed in subsequent company statements.

Cointelegraph reached out to FG Nexus for comment but had not received a response by publication.

Institutional Ether holders continue accumulating

FG Nexus’ recent selling contrasts with the approach taken by other corporate Ether holders, who have continued to add to their positions despite Ethereum’s price decline.

Related: Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?

Listed miner BitMine, the largest publicly traded holder of Ether with more than 5.4 million ETH, has been adding to its position, including a recent purchase of approximately $52 million worth of Ether.

The company also unveiled plans Wednesday to issue dividend-paying preferred shares, expanding the financing tools available to support its Ethereum treasury strategy.

Some analysts likewise remain upbeat on Ether’s long-term outlook despite its recent underperformance.

Standard Chartered reaffirmed its long-term $40,000 Ether price target last week, saying that Ethereum’s network fundamentals are strengthening, and pointing to growing onchain activity and continued dominance in decentralized finance.

The bank compared Ethereum’s current position to Amazon during its early growth phase, arguing that the asset’s market performance has yet to fully reflect those underlying trends.

Market Moves: Why is Ethereum Foundation selling? BTC futures warning signs

Bitcoin has fallen more than 15% this week and briefly slipped towards $61,000, yet Standard Chartered has kept its year-end price target at $100,000 and said the current decline may offer a buying opportunity.

According to a note sent to clients on June 4, Standard Chartered believes the factors behind the latest selloff are starting to fade even as some market participants continue to warn of deeper losses.

The bank’s global head of digital assets research, Geoffrey Kendrick, said Bitcoin’s bottom is “nearly in place” after a sharp correction driven by spot ETF outflows, forced liquidations, and concerns surrounding Strategy’s recent Bitcoin sale.

At the time of the note, Bitcoin (BTC) had recovered from its intraday lows and was trading around the mid-$60,000 range. Despite the rebound, the cryptocurrency remains roughly 30% lower for the year.

Kendrick told clients that investors may ultimately view current prices as an attractive entry point when looking back from the end of 2026, when Standard Chartered expects Bitcoin to trade near $100,000.

Strategy buying remains a key bullish factor

One reason behind the bank’s optimism centers on Strategy’s history of returning to the market after selling Bitcoin.

Earlier this week, the company disclosed the sale of 32 BTC worth approximately $2.5 million to meet preferred stock distribution obligations. The transaction attracted attention because Strategy, led by Executive Chairman Michael Saylor, has spent years promoting a long-term accumulation strategy.

Even so, Kendrick noted that the company previously sold Bitcoin in 2022 before increasing its holdings shortly afterward. Based on that pattern, he expects Strategy to resume what he described as aggressive Bitcoin purchases.

While the sale contributed to negative sentiment across crypto markets, Standard Chartered argued that the market reaction may have overstated its significance.

Another factor supporting the bank’s outlook is the resilience of spot Bitcoin ETF demand. According to Kendrick, cumulative net inflows since the launch of U.S. spot Bitcoin ETFs remain around $54.2 billion. Holdings have declined modestly from a peak near 682,000 BTC to roughly 674,000 BTC, but the bank said the overall trend has remained relatively stable.

Liquidation pressure appears less severe

Beyond ETF flows and corporate buying, Standard Chartered pointed to derivatives positioning as another reason for caution against overly bearish forecasts.

The bank noted that roughly $1.5 billion in leveraged Bitcoin futures positions were liquidated during the recent downturn. Kendrick said this figure is comparable to liquidation events seen during previous corrections and remains below levels associated with some of the market’s most severe crashes.

Recent comments from the bank have not been limited to Bitcoin. Last week, Kendrick compared Ethereum’s current weakness to Amazon’s experience during the collapse of the dot-com bubble, arguing that token prices do not always move in line with underlying network progress.

Standard Chartered maintained its Ethereum targets of $4,000 by the end of 2026 and $40,000 by 2030.

Meanwhile, the bank has continued expanding its presence in the digital asset sector. As reported by crypto.news earlier, Coinbase recently broadened its partnership with Standard Chartered, adding institutional funding support for the Australian dollar, Singapore dollar, Canadian dollar, and Swiss franc, while also providing GSIB-backed settlement services for euro and pound transactions across Coinbase Prime and Coinbase Exchange.

According to Coinbase, the arrangement is intended to help institutional clients move capital more efficiently across trading and financing activities.

Crypto has become a key payment rail for a fast-growing gray-market peptide trade, according to a new Chainalysis report.

Chainalysis said Thursday that off-label peptide sales have climbed past a $100 million annual run rate, as online wellness trends and demand for cheaper compounds push buyers toward overseas suppliers. The blockchain analytics firm said first-quarter sales in 2026 reached $32 million, up 159% from $12 million in the prior quarter.

The report linked the surge to rising public interest in peptides, which are protein building blocks used across health, fitness, and wellness markets. Chainalysis said the success of GLP-1 drugs such as Ozempic and Wegovy helped bring related products into mainstream online discussion, even as many buyers turned to unregulated alternatives.

Crypto becomes payment backbone

According to Chainalysis, traditional banks and card processors often restrict transactions tied to prescription-grade compounds and unregulated substances. As a result, the firm said many vendors have adopted cryptocurrency to handle payments outside normal financial channels.

Chainalysis described the peptide trade as a “gray market” served by overseas suppliers that sell raw and unbranded products directly to consumers. The firm said Chinese chemical manufacturers now account for much of the supply, partly because some sellers face limits in traditional banking systems.

In its report, Chainalysis said top vendors have developed a more organized approach to crypto payments. The firm found that suppliers often use bitcoin and stablecoins, while larger vendors show a stronger preference for stablecoins.

Stablecoins dominate larger orders

Among vendors receiving average deposits of $1,000 or more, Chainalysis said stablecoins made up most of the payment mix. The firm said this pattern may help sellers reduce exposure to Bitcoin’s price swings when handling larger supply orders.

The report also compared the peptide market with other research-chemical networks that have used crypto for online sales. Chainalysis said some suppliers connected to fentanyl precursor sales appear to have moved into peptides or added them to existing operations.

One example cited by Chainalysis was Shanghai Sigma Audley. The firm said the supplier, which it linked to suspected transnational drug networks, had received at least $1 million in bitcoin and $3.59 million in stablecoins from fentanyl precursor sales before expanding into peptides.

Testing spend falls per buyer

Chainalysis also raised concerns about product safety. The firm said many wallets that bought peptides from China previously sent funds to Janoshik, a Czech company that provides independent chemical purity testing.

However, Chainalysis said testing spend per buyer has dropped sharply as the market has grown. The report estimated that average testing spend fell 88% to about $8 per buyer, even though Janoshik is testing more products overall because the number of buyers has increased.

The report said the peptide sector often reaches people with limited experience in both cryptocurrency and unregulated pharmaceuticals. Chainalysis said this creates added risk for buyers who may not understand product quality concerns, payment traceability, or the legal limits around these substances.