Invesco has filed with the U.S. Securities and Exchange Commission to launch a tokenized money market fund that will invest in cash and short term U.S. Treasury securities for stablecoin reserve management.

The U.S. Securities and Exchange Commission filing showed that Invesco plans to introduce the Invesco Stablecoin Reserves Onchain Fund, a portfolio that will invest in cash, cash equivalents, repurchase agreements, and short-term U.S. Treasury securities while maintaining a stable $1 net asset value. The proposed fund will operate within Invesco’s existing Short Term Investments Trust and will qualify as a Rule 2a-7 government money market fund.

The filing stated that the reserve portfolio is designed to satisfy asset eligibility requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which governs payment stablecoins in the United States. Stablecoin issuers must maintain one-to-one reserves in safe and liquid assets under the framework.

Superstate will act as the fund’s sub-transfer agent and maintain a blockchain-integrated shareholder registry that links conventional fund records with on-chain ownership tokens. The filing did not identify the public blockchain that will support the product, although it confirmed that tokenized shares will be issued on a designated public network.

The registration builds on an existing partnership between Invesco and Superstate. Earlier this year, Invesco assumed day to day portfolio management of Superstate’s tokenized U.S. Treasury fund, which managed roughly $900 million in assets. The product was renamed the Invesco Short Duration US Government Securities Fund while Superstate continued providing tokenization services through its FundOS platform.

Asset managers expand stablecoin reserve offerings

The filing adds Invesco to a growing group of traditional financial firms introducing products tailored for stablecoin reserve management after the GENIUS Act established a federal framework for reserve assets.

State Street launched the State Street Stablecoin Reserves Money Market Fund in June as a Rule 2a-7 government money market fund backed by State Street Bank and Trust Company and Anchorage Digital. The company said the product was created specifically to help stablecoin issuers satisfy reserve requirements under the GENIUS Act.

ProShares also entered the market earlier this year with its ProShares GENIUS Money Market ETF, trading under the ticker IQMM. The company said the ETF invests exclusively in short term U.S. Treasury securities and other government backed instruments to provide a compliant reserve management option for stablecoin issuers.

Among other players, BlackRock, Franklin Templeton, Fidelity, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have also introduced or filed products tied to tokenized money market funds or stablecoin reserve infrastructure as competition expands across the sector.

Citigroup has projected that the stablecoin market could grow from about $300 billion today to as much as $4 trillion by 2030. The bank said the expansion could create a significant market for firms that manage the cash and Treasury assets backing dollar denominated stablecoins.

The FBI is urging victims of the OneCoin cryptocurrency investment fraud to file compensation claims before the June 30 deadline. 

The agency said the process applies to people whose OneCoin investments caused a net financial loss.

According to the FBI notice, victims can seek payment through a Department of Justice remission program. The program covers eligible individuals who bought OneCoin between 2014 and 2019 and suffered direct financial losses.

The FBI said the DOJ launched the official process through onecoinremission.com, which is managed by Kroll Settlement Administration. Victims can file petitions online, by mail or by email. The agency warned that filing a petition does not guarantee payment.

The process is free. The FBI said justice.gov and onecoinremission.com are the only authorized websites for the investigation. That warning is important because fraud victims are often targeted again by fake recovery agents.

Over $40m in seized assets available

The remission program will use more than $40m in forfeited assets recovered from figures tied to the OneCoin scheme. The funds are meant to provide partial relief to victims who lost money after accounting for any withdrawals they completed.

In the FBI notice, FBI New York Assistant Director in Charge James C. Barnacle Jr. said victims were misled by false statements and empty promises. He added that the FBI remains committed to “returning these stolen funds to their rightful owners.”

As previously reported, the DOJ opened a $40m compensation fund for OneCoin victims in April. The latest FBI notice gives victims a final reminder before the deadline closes.

The DOJ said in its official announcement that OneCoin was sold to investors through false claims about its value and use. U.S. Attorney Jay Clayton said the founders “sold a lie disguised as cryptocurrency.”

OneCoin’s fraud history

OneCoin began in Bulgaria in 2014. Prosecutors said Ruja Ignatova and Karl Sebastian Greenwood promoted it as a new virtual currency that could challenge Bitcoin. The project used the phrase “Bitcoin killer” to attract investors.

The FBI said OneCoin used a multi-level marketing structure. Buyers purchased packages that gave them tokens they were told could mine OneCoin. They were then encouraged to sell packages to friends, family and other investors.

The system created fast growth, but prosecutors said the product had no real value. The FBI said victims worldwide lost more than $4b. Greenwood was arrested in Thailand in 2018 and later extradited to the U.S.

Greenwood was sentenced to 20 years in prison in September 2023. He was also ordered to forfeit $300m. The case remains one of the largest crypto fraud cases ever pursued by U.S. authorities.

Search for Ignatova continues

Ignatova remains at large. The FBI said she led OneCoin until October 2017, when she was charged in the Southern District of New York. She was later added to the FBI’s Ten Most Wanted Fugitives list in June 2022.

The U.S. Department of State is offering up to $5m for information leading to Ignatova’s arrest or conviction. The FBI says anyone with information can submit a tip through its official tip line or online portal.

In a previous article, crypto.news discussed Ruja Ignatova’s place on the FBI’s most wanted list. Previously, crypto.news explored reports about where the OneCoin founder may be hiding, though her location remains unconfirmed.

The FBI also told people who believe they are victims of crypto investment fraud to report it through the Internet Crime Complaint Center. For OneCoin victims, the most urgent step is the June 30 remission deadline. After that date, late claims may not be considered.

Ether slid to its lowest level of the year on Friday, and the move had an immediate knock-on effect across the market’s largest capitalizations. After a 5.2% drop over 24 hours, ETH’s market capitalization fell below $185 billion, with the token trading around $1,510 on Coinbase, according to TradingView.

That decline allowed Tether’s USDt to overtake ETH for the second-largest spot by market capitalization, with USDt at roughly $186 billion at the time of the flip. Analysts framed the outcome as a reminder that—at least in the current environment—many traders and users are choosing stability over volatility.

Key takeaways

• ETH’s selloff pushed its market capitalization below $185 billion, after a 5.2% 24-hour decline, according to TradingView.
• Tether’s USDt briefly rose to about $186 billion in market cap, overtaking Ether for the second-largest position.
• Market commentary linked the flip to ongoing stablecoin demand, which now represents almost 15% of total crypto market capitalization.
• Ethereum’s broader ecosystem has seen internal restructuring, but new R&D efforts via Ethlabs are also underway.
• Some Ethereum-aligned treasuries continued buying during the weakness, while Circle’s USDC also showed strength relative to XRP.

Why USDt overtook Ether as ETH hit a fresh low

The immediate trigger was Ether’s sharp downward move over a single day. TradingView data cited in the report shows ETH falling to around $1,510 on Coinbase, following the 5.2% crash. With ETH’s market cap dropping below $185 billion, USDt’s approximately $186 billion figure became large enough to move it into the #2 slot.

Bitrue Research Institute’s research lead, Andri Fauzan Adziima, told Cointelegraph that the overtake underscores how the market is currently “favor[ing] stability over ETH’s volatility.” The point wasn’t just about one day of price action—it was about what capital is rewarding in the moment.

Stablecoins keep growing even when the market turns

The USDt-versus-ETH flip aligns with a wider trend: stablecoins are steadily expanding their share of the crypto market. Cointelegraph notes accelerating stablecoin growth, citing that the category accounts for almost 15% of total crypto market capitalization.

In a Thursday post, 21Shares highlighted an important contrast with the last downturn: stablecoin supply contracted by more than 30% during the prior bear market, but is reaching record highs this time. The firm argued that the shift suggests stablecoins have become a defining use case rather than something that depends strictly on the market cycle.

“To us, that is the strongest evidence yet that stablecoins are one of crypto’s defining use cases – demand that no longer depends on the cycle.”

From a liquidity and trading perspective, deeper stablecoin balances can improve on-ramps and off-ramps and help sustain activity during volatility. Alvin Kan, chief operating officer of Bitget Wallet, also pointed to that angle, calling the flip a “notable milestone” reflecting stablecoins’ dominance.

“It demonstrates strong demand for reliable, liquid on- and off-ramps during periods of volatility, while serving as a reminder that ETH must continue delivering compelling utility and narrative momentum to maintain its position.”

Ethereum pressure, but active “buy-the-dip” behavior

While Ether’s price weakness drew attention, several Ethereum-related players reportedly leaned into the decline.

Crypto treasury company Sharplink made its first purchase in eight months, buying 5,000 ETH on Thursday after ETH’s drop. Bitmine, which is chaired by Tom Lee, also continued accumulating: it added 76,881 ETH last week, according to the coverage cited by Cointelegraph.

These actions don’t automatically reverse price trends, but they can be meaningful for sentiment and for how long-horizon holders behave when market conditions deteriorate. If treasuries continue converting into ETH at lower levels, it suggests confidence in the asset’s longer-term role even while short-term volatility punishes holders.

At the same time, the Ether slump has unfolded alongside changes to Ethereum’s institutional structure. Cointelegraph referenced executive departures and a 20% workforce reduction at the Ethereum Foundation. However, it also notes that a new nonprofit organization, Ethlabs, was launched this week by key EF developers and researchers and backed by Ether treasuries Bitmine and Sharplink, pointing to continued efforts focused on Ethereum research and development.

Broader capitalization moves: USDC vs. XRP

Ether wasn’t the only major asset showing relative strength or weakness during the market’s choppy session. The report also states that Circle’s USDC flipped Ripple’s XRP in market capitalization as XRP declined toward $1, its lowest level since November 2024.

At the time of the comparison mentioned in the coverage, XRP’s market capitalization was cited around $64 billion, compared with USDC’s roughly $73.6 billion. For investors tracking stablecoins, the takeaway is similar to what the USDt flip signals: stablecoin demand can be resilient even when other large coins experience extended drawdowns.

Looking ahead, the key question is whether ETH can reclaim critical support levels and sustain momentum, or whether stablecoins continue to widen their grip on market capitalization. Traders and investors will likely watch how stablecoin growth trends evolve alongside Ethereum’s institutional and R&D developments—especially if volatility persists.

Key Takeaways

• XRP touched $1.01 on June 25, marking its lowest valuation in 2026 and matching levels not seen since November 2024
• The digital asset has declined 43% from the beginning of 2026
• Approximately 100 million XRP tokens exited Binance reserves during the last month
• Large holder accumulation stays in positive territory with 5.14 million XRP daily net average over 90 days
• XRP spot ETFs have attracted $243 million in combined inflows starting from April

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On June 25, 2026, XRP plummeted to $1.01, establishing its weakest performance for the year. This valuation brings the cryptocurrency dangerously close to breaking beneath the $1 threshold for the first time since November 2024.

The digital currency has surrendered 43% of its value since January 2026. The wider cryptocurrency sector has similarly experienced pressure, with Bitcoin sliding under $58,200 during the same trading session.

According to CoinGlass data, liquidations across the crypto market exceeded $915 million in the 24-hour window ending June 25. XRP contributed $42 million to this figure, with long positions representing $40.7 million of the total.

When XRP previously traded at comparable levels in November 2024, market dynamics were markedly different. Donald Trump’s presidential election victory had just occurred, triggering a widespread crypto market rally. During early November 2024, XRP was valued at $0.50 before experiencing a dramatic climb to $2.70 by December’s opening.

The token achieved its 2025 zenith of $3.65 during mid-July, coinciding with advancing clarity regarding its regulatory classification in the United States. The catastrophic market-wide flash crash on October 10 severely impacted prices, leaving XRP unable to recover momentum.

Market analyst Celal Kucuker published his perspective on X, projecting XRP’s floor at the $0.86–$0.87 zone, while identifying a ceiling target between $8–$9. His forecast correlates with Bitcoin stabilizing around $54,000.

Exchange Holdings Decrease Amid Rising Outflows

Blockchain metrics reveal a narrative diverging from price movements. XRP quantities stored on trading platforms have experienced consistent reductions across numerous exchanges.

Cryptocurrency researcher Amr Taha observed that Binance’s XRP holdings declined to approximately 2.68 billion tokens by June 25, down from 2.78 billion recorded on May 12. This represents roughly 100 million XRP departing the platform within a six-week timeframe.

Upbit’s stockpile decreased from 2.51 billion to 2.48 billion XRP during the May 31 to June 25 period. Bybit witnessed a more pronounced percentage reduction, falling from 92 million to 82 million XRP since early June.

On Binance, withdrawal transactions have exceeded deposit activity for seven consecutive days beginning June 17. Withdrawals represented 53.8% of total flows on June 23, reaching the highest proportion since June 2024.

Major Holders and ETF Activity Show Continued Support

Significant XRP investors have maintained buying pressure. The 90-day rolling average for large holder net flows registered a positive 5.143 million XRP daily throughout the quarter.

Spot XRP ETF products recorded $2 million in net inflows on June 24, pushing June’s aggregate to $31 million. Since their April introduction, these funds have accumulated $243 million in total inflows.

ETF momentum has decelerated from initial enthusiasm. The products captured $666.61 million during November 2024 and $499.91 million in December. Throughout 2026, monthly inflows have fluctuated between $15.59 million in January and $131.94 million in May.

March remains the sole period recording negative flows, with $31 million in net outflows for the month.

At publication time, XRP was changing hands at $1.03.

Key Highlights

• Invesco submitted an SEC application for the Invesco Stablecoin Reserves Onchain Fund
• The proposed fund targets cash and short-dated U.S. Treasury securities, complying with GENIUS Act standards
• Superstate, a blockchain technology provider, will serve as sub-transfer agent and tokenize fund shares
• Major financial institutions including BlackRock, State Street, Morgan Stanley, JPMorgan, and Goldman Sachs have introduced competing offerings
• Market analysts at Citigroup forecast the stablecoin sector could expand to $4 trillion within six years

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Invesco, managing approximately $2.5 trillion in assets, has submitted regulatory documents to the U.S. Securities and Exchange Commission for authorization to create a tokenized money market vehicle targeting the stablecoin reserve sector.

The proposed product, named the Invesco Stablecoin Reserves Onchain Fund, will allocate capital into cash instruments, short-duration U.S. Treasury securities, and repurchase agreements while preserving a constant $1 net asset value.

Invesco’s regulatory submission was dated June 24, 2026, with the anticipated effective date falling roughly 60 days following the filing.

Fund Structure and Strategic Purpose

The investment vehicle targets stablecoin issuers specifically. These entities create digital assets pegged to the U.S. dollar and require secure, highly liquid reserve holdings to back their tokens.

The GENIUS Act — federal legislation enacted during the previous summer establishing regulatory parameters for payment stablecoins — mandates that issuers maintain qualified assets as backing reserves. Invesco’s proposed fund is specifically structured to satisfy these regulatory obligations.

The vehicle will be classified as a government money market fund under Rule 2a-7 regulations, mirroring the framework recently adopted by State Street for its stablecoin reserve product.

Invesco plans to incorporate the fund into its Short-Term Investments Trust, a pre-existing Delaware statutory trust already managing similar money market investment vehicles.

Blockchain Technology Integration Through Superstate

Superstate, a blockchain infrastructure specialist, has been designated as the sub-transfer agent. The firm will handle tokenization of fund shares and oversee a blockchain-integrated shareholder record system.

According to regulatory documents, the fund will function on a public blockchain network, though the specific platform remains unnamed. Superstate has previously tokenized assets using Ethereum and Solana networks. While the SEC filing acknowledges risks associated with Ethereum, it makes no explicit reference to Solana.

This collaboration extends an existing relationship between Invesco and Superstate. During March 2026, Invesco assumed daily portfolio management responsibilities for Superstate’s $700 million tokenized U.S. Treasury fund, trading under the USTB ticker. That arrangement established Invesco as the inaugural third-party asset manager utilizing Superstate’s blockchain-powered FundOS infrastructure.

Intensifying Competition in Emerging Sector

Invesco’s entry comes amid rapidly intensifying competition. State Street introduced a comparable GENIUS-compliant product just last week. BlackRock, Morgan Stanley, BNY, JPMorgan, and Goldman Sachs have each rolled out similar offerings throughout recent months.

The stablecoin market presently totals approximately $300 billion. Citigroup forecasts potential expansion to $4 trillion by 2030, positioning stablecoin reserve management as a potentially substantial revenue opportunity for asset management firms.

Invesco now stands alongside BlackRock, Franklin Templeton, and Fidelity among prominent traditional asset managers advancing into tokenized money market products.

An Invesco representative indicated the company maintains a policy against commenting on products currently undergoing registration procedures.

Base, the blockchain backed by crypto exchange Coinbase, has returned online after the network suffered nearly a two-hour outage due to a consensus issue that halted block production.

Base posted to X on Thursday after the outage that the network’s blocks “are being produced normally, and we have verified widespread recovery in the ecosystem.”

Base’s status page said it was investigating “unhealthy” block production at 4:03 pm UTC on Thursday. At 5:21 pm UTC the team said it “isolated a consensus problem that caused an invalid block to be sequenced. This prevented new blocks from being created.”

Base said in an update just before 6 pm UTC that it had “recovered healthy blockbuilding” and that ecosystem-wide infrastructure was able to sync, adding it had identified the issue and would investigate the root cause and share a full post-mortem. 

The outage was a rare instance of downtime for a major blockchain like Base, the most used Ethereum layer-2 network, which last experienced a major outage in August 2025 when it went down for 33 minutes, according to its status page.

Source: Base Build

Base creator Jesse Pollack posted to X that all funds on the network are safe, “but a halt is not okay and we’ll use this to continue to level up base as a platform for global, 24/7 finance.”

Related: Coinbase lets users transfer stock portfolios as exchange expands beyond crypto

The downtime appeared to occur separately and just hours ahead of an upgrade for Base, dubbed Beryl, that was scheduled for 6 pm UTC and was completed two hours later at 8 pm UTC.

The update aimed to reduce delays on withdrawals and introduce a new token standard for real-world assets and stablecoins.

Layer-1 blockchain Sui experienced two periods of downtime on back-to-back days in May, each causing a temporary halt in block production. Sui later said the downtime was caused by a network update that it knew had a low probability of causing a halt.

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

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