BNY, the world’s largest custodian overseeing $59 trillion of assets, is expanding its digital asset custody business to the United Arab Emirates through local partners.

According to a Thursday press release, the global financial services giant is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM), the financial free zone in Abu Dhabi that has become a hub for crypto firms and blockchain projects entering the Middle East region.

The initiative will initially focus on custody services for cryptocurrencies including bitcoin BTC$82,164.36 and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said.

“The UAE is entering a new phase of financial development, characterized by deeper markets, greater digital sophistication and stronger global connectivity,” Hani Kablawi, executive vice chair at BNY, said in a statement. “With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients.”

BNY’s move reflects a broader push by major financial institutions to bring blockchain technology into mainstream markets beyond crypto trading. Tokenization — the process of representing assets such as bonds, funds and equities on blockchain networks — is gaining traction as firms look for faster settlement, more efficient collateral management and lower operational costs.

The bank’s entry into the UAE also highlights how quickly the Gulf region is emerging as a center for digital asset finance. Abu Dhabi and Dubai have attracted crypto exchanges, stablecoin issuers and tokenization startups with regulatory frameworks designed to support digital assets while maintaining institutional oversight.

BNY’s involvement carries added weight because of the bank’s scale and role in traditional finance. The firm oversees about $59 trillion in assets under custody and administration, making it the world’s largest custodian bank, and was the first major U.S. global systemically important bank to launch digital asset custody services.

The UAE has also pushed deeper into state-backed digital finance initiatives. IHC and other local institutions recently unveiled plans last month for a regulated dirham-backed stablecoin aimed at government and institutional use.

Read more: BNY CEO says the future of crypto runs through big banks

Consensus Miami 2026 officially kicked off with a wave of major announcements across crypto infrastructure, stablecoins, tokenization, payments, AI, and blockchain compliance, reinforcing the industry’s continued push toward institutional adoption and real-world utility.

Several leading companies used Day 1 of the event to unveil new partnerships, acquisitions, and infrastructure initiatives aimed at shaping the next phase of digital assets and decentralized finance.

Bullish Announces $4.2 Billion Equiniti Acquisition

One of the largest announcements came from Bullish, which revealed plans to acquire global transfer agent Equiniti in a transaction valued at approximately $4.2 billion.

The deal aims to position Bullish as a major player in tokenized securities infrastructure and blockchain-native capital markets. The acquisition would combine traditional shareholder services with digital asset infrastructure, signaling increasing convergence between legacy finance and blockchain technology.

According to the announcement, the combined business intends to build infrastructure designed for tokenized equities and digital ownership management at institutional scale.

Kraken and MoneyGram Expand Crypto Cash Access Globally

Kraken and MoneyGram announced a strategic partnership designed to improve global crypto-to-cash accessibility.

The collaboration will allow Kraken users to convert digital assets into fiat currencies through MoneyGram’s international cash pickup network spanning more than 100 countries.

The move highlights growing demand for practical crypto off-ramp solutions as adoption continues expanding across emerging and developed markets alike.

Sumsub and Chainlink Launch Cross-Chain Identity Infrastructure

Compliance and identity verification remained another major theme during Day 1.

Sumsub announced a partnership with Chainlink to support privacy-preserving identity verification across multiple blockchain ecosystems.

The initiative integrates Sumsub’s KYC infrastructure with Chainlink’s Automated Compliance Engine (ACE), enabling reusable identity credentials across networks including Ethereum, Arbitrum, Avalanche, Polygon, and Base.

The solution aims to help institutional and retail participants access compliant on-chain financial services without repeatedly submitting verification information across different platforms.

OwlTing Introduces AI Agent Wallet Infrastructure

Nasdaq-listed OwlTing Group unveiled a self-custody wallet designed specifically for AI agents.

The new platform, called OwlPay Wallet Pro for Agents, is designed to allow AI assistants to manage stablecoins and execute blockchain-based transactions on behalf of users.

The company positioned the product as infrastructure for the emerging “agentic commerce” economy, where autonomous AI systems increasingly interact with financial services and payment networks.

GoMining Expands Bitcoin Utility Initiatives

GoMining made multiple announcements during the event, including plans to integrate with Babylon Labs and the launch of GoBTC.

The Babylon integration aims to enable Bitcoin holders to earn mining rewards through trustless vault infrastructure without giving up custody of their BTC.

Meanwhile, GoBTC was introduced as a payment-focused protocol intended to support instant Bitcoin transactions directly on Bitcoin’s base layer. The company stated that the protocol is designed to reduce settlement times and lower merchant processing costs compared to traditional payment systems.

Stablecoin Infrastructure Continues Expanding

Several announcements throughout the day highlighted continued momentum around stablecoin infrastructure and real-world payment adoption.

Figo launched a stablecoin-powered USD payments platform operating across more than 50 countries, targeting emerging markets where access to dollar-based financial infrastructure remains limited.

Meanwhile, Bamboo Block announced plans to accelerate stablecoin payment adoption among U.S. community banks ahead of expected regulatory developments surrounding the GENIUS Act.

Solana Trading Infrastructure Evolves

Jito Labs introduced JTX, a self-custodial trading platform built for advanced Solana traders.

The platform aims to bring professional-grade order execution and centralized exchange-style trading functionality directly on-chain while maintaining user custody of assets.

The announcement reflects growing competition among blockchain ecosystems to attract more sophisticated trading activity and institutional participation.

Consensus Miami Reflects Growing Institutional Momentum

Day 1 of Consensus Miami demonstrated how quickly the crypto industry is evolving beyond speculative trading into broader infrastructure, compliance, payments, tokenization, and enterprise applications.

Themes such as real-world assets, stablecoins, AI integration, institutional compliance, and blockchain-based financial infrastructure dominated many of the announcements across the event.

As Consensus Miami continues throughout the week, additional announcements and partnerships are expected from major players across the digital asset ecosystem.

Bitcoin BTC$82,164.36, the world’s largest digital asset by market value, has risen from roughly $63,000 to over $80,000 in the past three months, according to CoinDesk market data. And key signals that professionals watch closely are now all pointing in the same direction: $85,000.

The rally is not just about price, but about the ripples beneath the surface.

On-chain dynamics

Further gains look likely because bitcoin has topped two levels that on-chain analysts consider among the most important in the market: The True Market Mean at $78,200 and the Short-Term Holder Cost Basis at $79,100.

Here is why those numbers matter. The True Market Mean is the average price active bitcoin investors paid for the coins they currently hold. The metric doesn’t count every bitcoin ever mined, including those sitting dormant for years or lost, but focuses on coins that are actually changing hands between investors.

That makes it a cleaner estimate of the level that matters most to people that are active in the market. When bitcoin trades above it, most active investors are in profit, and when it falls below it, many are underwater. That’s why analysts use it to gauge sentiment, spot periods of market stress or euphoria, and identify potential mean-reversion zones.

Speaking of the short-term holder cost basis, it represents the average acquisition cost for people who acquired coins less than six months ago. Again, this tells us the price that matters to traders, not long-term dormant holders.

Hence, when the spot price breaks above both these levels, it is said to reflect a bullish outlook.

“Should price sustain above these two levels in the coming week, the deep value regime that persisted from early February 2026 through now would rank among the shortest episodes of its kind in Bitcoin market history,” analysts at research firm Glassnode said in a report.

“Attention now shifts to the next major resistance at the Active Realized Price near $85.2k, which tracks the cost basis of all non-dormant supply and represents the next structural threshold the market must reckon with,” they added.

As of writing, bitcoin traded near $80,800, well above the true market mean and the short-term holder cost levels.

Futures market flows

A subtle shift is underway in the futures market that could help push bitcoin higher.

The signal comes from funding rates, the small recurring payments traders make to keep leveraged futures bets open. For most of the past three months, funding rates were negative, indicating unusually heavy demand to bet against bitcoin in futures markets.

Much of that activity likely came from hedge funds and institutional traders running a popular arbitrage strategy: buying bitcoin or spot bitcoin ETFs while simultaneously shorting futures contracts. That trade created steady selling pressure in the futures market even as bitcoin rallied.

Now, funding rates have flipped back to neutral or slightly positive. That suggests many of those short positions have already been closed, removing a key source of downward pressure on the market.

It also raises the possibility of a short squeeze. If bitcoin continues rising, traders still betting against it may be forced (squeezed) to buy back futures contracts to exit their positions, which can accelerate gains.

“The flip toward neutral doesn’t invalidate the carry trade; it indicates that shorts paying for the privilege are no longer present at scale. Either funding migrates back negative as new ETF capital recreates the trade or the squeeze has further to run,” analysts at OG exchange Bitfinex said, explaining potential for more gains ahead.

Options dynamics

The third signal comes from the options market, where traders use contracts to position for or protect against price moves. Calls are bullish bets that give upside exposure if bitcoin rises, while puts are used as insurance against downside risk.

Options positioning is now set up in a way that could amplify the current move higher.

Market makers, the firms that provide market liquidity, have what’s known as “short gamma” exposure around the $82,000 level, with roughly $2 billion sitting near current prices, according to Glassnode.

Short gamma matters because it forces these dealers to hedge in the direction of the prevailing trend, which is bullish, to stay balanced.

In practice, that means as bitcoin pushes higher, dealer hedging itself can add incremental buying pressure, potentially accelerating the rally toward $85,000. Market makers make money by providing liquidity, meaning they try to stay neutral on price direction rather than betting on it.

But this cuts both ways. If the market turns lower, these same dealers would likely have to hedge in the opposite direction, selling into the decline, which can add to downside pressure.

“Short gamma means dealers are positioned in a way that forces them to hedge in the direction of the move, buying as price rises and selling as it falls. This creates a feedback loop that can accelerate price action, which helps explain the recent push toward $83K,” Glassnode explained.

Caveat

None of the things discussed above happens in a vacuum. Bitcoin still trades closely with U.S. tech stocks, so if equities suddenly turn risk-off, it can quickly slow the momentum or even pause the trend altogether.

Ether accumulation addresses are signaling a renewed wave of conviction among long-term holders as Ether approaches a fresh price milestone near $2,400. Fresh data show robust daily inflows into these wallets, alongside a sustained rise in long-term holder positions and notable growth in large-whale holdings, painting a picture of a market increasingly confident in Ethereum’s multi-year trajectory.

CryptoQuant data indicate accumulation addresses absorbed about 246,620 ETH in a single daily reading, worth roughly $592 million at prevailing prices. This activity aligns with Ethereum’s rebound from mid-2025 lows and a continued climb through 2026, a period during which long-term holders collectively expanded their stake to a record level and large holders stepped up accumulation.

According to the analytics, the total ETH held by long-term holders has surged to 25 million ETH, marking a 20.36% increase so far in 2026. The ongoing inflows have supported a broader narrative that seasoned investors are eyeing Ethereum as a structural position rather than a short-term trading vehicle.

In parallel, the debate over Ethereum’s supply dynamics has been framed by whale activity. Data show wallets holding between 10,000 and 100,000 ETH collectively control about 19.5 million ETH, while wallets with more than 100,000 ETH account for roughly 4.7 million ETH—both segments registering multi-year highs amid a 2026 rally in accumulation. This pattern mirrors a broader shift where larger holders appear to be weathering volatility with a long-run outlook in mind.

Cointelegraph noted that these shifts in balance and flow are often correlated with a rising spot-taker delta and other on-chain signals suggesting stronger demand from buyers. The report also highlighted changes in exchange balances and other metrics that have historically preceded price moves, underscoring a growing conviction among market participants.

From a risk-management perspective, the market continues to weigh how much of the current strength is sustainable against the backdrop of price dynamics that have kept liquidity concentrated around certain levels. Analysts are watching both on-chain behavior and price action as Ethereum tests a critical technical juncture that could unlock further gains or prompt consolidation.

Key takeaways

• Accumulation addresses absorbed about 246,620 ETH on a recent daily reading, equating to roughly $592 million, signaling aggressive long-term buying interest.
• Long-term holder ETH supply rose to 25 million ETH, a 20.36% increase for 2026 so far, indicating a sustained shift toward hodling among institutional and strategic investors.
• Whale wallets—those holding 10,000–100,000 ETH and those above 100,000 ETH—have expanded their combined stock to about 24.2 million ETH, with the larger cohort up about 30% year-to-date.
• Technical setup suggests a potential up-leg above key levels: a breakout above the $2,700 region could open a path toward $3,315, with broader targets above $3,000 if momentum persists and liquidity loosens at higher price bands.

On-chain momentum and the price chart

In on-chain terms, Ethereum’s accumulation pattern has matured from sporadic inflows into a steady flow that has supported a rising balance of long-term holders. As previously reported by Cointelegraph, Ether’s spot-taker activity and cumulative volume delta have shown improvements since early 2026, reinforcing the view that buyers are increasingly confidently stepping into the market rather than exiting on pullbacks.

From a chart perspective, Ether is navigating a classic setup around a horizontal trend line forming an ascending triangle near the $2,400 mark. Traders say a daily close above the 200-day exponential moving average near $2,700 would strengthen the case for a continued upturn, potentially targeting the triangle’s measured move around $3,315 — a roughly 40% gain from current levels if fulfilled.

Analyst commentary around preferred price pathways underscores a potential rally path if resistance around $2,600–$2,700 is cleared. One market observer noted, “There is almost no resistance for short positions” if Ether can breach that zone, a sentiment echoed by multiple technical reads that stress the need for a sustained close above key moving averages to confirm a trend change. A rally beyond $2,700 could invite momentum toward the $3,000–$3,315 zone, while a failure to hold above those levels could prompt a period of consolidation or a retrace toward mid-range support.

Macro-technical work from independent researchers has also framed a potential longer-term upside scenario. One analysis suggested that clearing the $2,600–$2,700 band could pave the way to a broader upside, with a path to roughly $3,000 if buyers maintain the initiative. A broader Elliott Wave view also hinted at a possible extension toward $3,500 if the $2,600–$2,700 barrier gives way, although such outcomes depend on sustained demand and a healthy liquidity backdrop.

Overall, the market is watching whether Ether can convert on-chain conviction into a decisive price breakout. If on-chain accumulation translates into sustained buying pressure, the technical setup supports a constructive trajectory toward the mid-$3,000s, while a lack of follow-through could keep Ether tethered to the current range for longer than expected.

As always, readers should treat on-chain signals as part of a broader set of inputs alongside macro liquidity and market sentiment. The evolving balance between long-term holders, whale cohorts, and price action will continue to shape Ethereum’s near-term path in the weeks ahead.

U.S. lawmakers are advancing the Clarity Act despite renewed disputes over stablecoin yield provisions and industry alignment. Banks remain divided, and lawmakers continue refining the bill while targeting approval timelines in mid-2026. Market sentiment stays firm, although political risks and regulatory differences continue shaping the debate.

Banks Clash Over Stablecoin Yield Provisions

Large U.S. banks are raising objections to revised stablecoin yield provisions within the Clarity Act. They argue the updated language still allows indirect yield mechanisms. As a result, they claim the measure does not fully address competitive concerns.

Meanwhile, smaller institutions and non-retail banks are showing broader acceptance of the revised framework. These firms see the changes as workable within current financial structures. However, divisions persist as community banks express mixed reactions.

The Independent Community Bankers of America has flagged risks tied to uneven regulatory treatment. Still, several smaller lenders support the compromise as a step forward. The disagreement highlights ongoing tension between innovation and traditional banking safeguards.

Lawmakers Push Forward Amid Industry Friction

Lawmakers continue advancing the Clarity Act despite growing industry debate over its provisions. Officials are preparing the bill for Senate markup as discussions intensify. At the same time, efforts focus on aligning different regulatory sections into one package.

Senator Bernie Moreno has indicated that progress is accelerating within congressional committees. He confirmed that lawmakers aim to finalize key elements quickly. Consequently, leadership expects movement toward a full Senate vote in the coming weeks.

Senate Banking Committee Chairman Tim Scott is working to secure unified Republican backing. This effort aims to strengthen negotiation power during bipartisan talks. Meanwhile, lawmakers continue balancing financial stability concerns with digital asset growth.

Political Risks and Market Sentiment Shape Outlook

Political dynamics remain a central factor influencing the Clarity Act’s trajectory in Washington. Analysts warn that shifts in Senate control could alter the bill’s priority status. Leadership changes within key committees may also impact their progress.

Some policymakers have historically taken a stricter stance on cryptocurrency regulation. Therefore, a shift in committee leadership could slow or redirect legislative focus. This possibility adds urgency to current efforts pushing the bill forward.

Despite these uncertainties, market sentiment remains positive toward the bill’s prospects. Prediction platforms indicate a strong likelihood of passage within the 2026 timeline. This optimism reflects confidence in continued bipartisan engagement and regulatory clarity goals.

The Clarity Act seeks to establish clear guidelines for digital asset markets and stablecoin operations. Lawmakers aim to reduce uncertainty while supporting financial innovation. At the same time, they are addressing systemic risks linked to digital currencies.

Stablecoin yield provisions remain a focal point due to their impact on competition and consumer protection. Banks argue that yield-bearing products could bypass traditional financial rules. Conversely, crypto firms view them as essential for product development and adoption.

The broader regulatory push follows increased scrutiny of digital assets in recent years. Authorities are working to integrate crypto into established financial systems. As a result, the Clarity Act represents a significant step toward comprehensive oversight.

Lawmakers continue refining the bill while managing competing interests across industries. Although disagreements persist, momentum behind the legislation remains steady. The coming weeks are expected to determine whether consensus can translate into formal approval.

A key piece of financial infrastructure stitching tokenized assets to traditional banking got a real cross-border test this week.

Ondo Finance said Wednesday it had completed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund alongside JPMorgan’s blockchain platform Kinexys, payments giant Mastercard, and Ripple.

The transaction settled in under five seconds on the XRP Ledger and involved OUSG, Ondo’s tokenized U.S. Treasury fund built for accredited investors and qualified purchasers.

The pipeline started with Ondo processing the redemption on the XRP Ledger, after which Mastercard’s Multi-Token Network routed the instructions to Kinexys, and JPMorgan delivered the U.S. dollars to Ripple’s Singapore bank account.

The whole sequence happened outside traditional banking windows, the kind of cross-border settlement that typically takes one to three business days through correspondent banks.

“By connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by JPMorgan, Mastercard, and Ripple are laying the groundwork for 24/7 global markets that never close,” said Ondo President Ian De Bode in a statement.

Markus Infanger, senior VP at RippleX, said the transaction shows institutions can run cross-border tokenized asset moves as a single integrated flow rather than stitching them together through legacy systems.

The pilot lands as the Depository Trust & Clearing Corporation (DTCC) said earlier this week it would launch its own tokenization service later this year. JPMorgan’s Kinexys platform has now processed over $3 trillion in cumulative transactions, with tokenized deposit volumes across major banks moving to billions of dollars over the past year.

XRP and ONDO were down as much as 2% in the past 24 hours alongside a broader pullback across the crypto market.

TLDR

• Ondo Finance completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple.
• The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint announcement.
• Mastercard enabled interoperability between on-chain assets and traditional fiat systems through its Multi Token Network.
• JPMorgan supported the settlement through its Kinexys blockchain platform, which has processed over $3 trillion in transactions.
• XRP traded at $1.42 at the time of reporting, posting a daily gain of about 1% and a monthly rise of around 6%.

Ondo Finance executed a near-real-time cross-border redemption of a tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple. The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint statement. The pilot connected public blockchain rails with interbank settlement systems and enabled continuous cross-border transfers outside traditional banking hours.

XRP Ledger Powers Instant Cross-Border Treasury Redemption

Ondo used its tokenized U.S. Treasury fund OUSG for the pilot transaction. The fund serves accredited investors and qualified purchasers seeking on-chain exposure to Treasuries. The companies processed the redemption in less than five seconds on the XRP Ledger.

Ripple supported the blockchain layer, while JPMorgan provided its Kinexys platform for settlement integration. Mastercard enabled interoperability between digital assets and fiat currencies through its Multi-Token Network. As a result, the transaction moved across borders and banks in one coordinated flow.

Ondo President Ian De Bode said the transaction marked a first for tokenized Treasuries. He stated, “This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near-real time and outside traditional banking windows.” He added that the collaboration links public blockchain infrastructure with interbank settlement rails.

Markus Infanger, senior vice president of RippleX, addressed the outcome. He said the pilot shows that tokenized assets can move between public blockchains and global banking systems. He stated that institutions can execute cross-border transactions as a single integrated process.

Institutional Platforms Expand Tokenized Asset Infrastructure

JPMorgan operates Kinexys as its blockchain infrastructure platform for institutional clients. The platform has processed more than $3 trillion in total transactions, according to its website. It supports settlement services and correspondent banking network integration.

Mastercard’s Multi-Token Network facilitated the cross-border leg of the redemption. The system connected on-chain tokenized assets with traditional fiat payment channels. This structure allowed both blockchain and banking systems to complete the transfer without delay.

Ondo Finance focuses on bringing institutional-grade financial products on-chain. The company specializes in tokenizing traditional assets, including U.S. Treasuries, for qualified investors. OUSG represents its tokenized Treasury product used in the pilot.

The Depository Trust & Clearing Corporation announced plans to launch a tokenization service later this year. The group disclosed this plan earlier this week. Banks have also expanded tokenized deposit systems, with volumes rising from millions to billions over the past year.

XRP, the native asset of the XRP Ledger, traded at $1.42 at the time of reporting. The token gained about 1% on the day and posted a monthly increase of around 6%. However, XRP remains about 61% below its all-time high of $3.65 reached last July.

TLDR

• Solana Company and Jito Foundation formed a partnership to expand institutional staking across Asia-Pacific.
• The companies will jointly deploy and operate Solana validator servers in key APAC markets.
• The validator rollout will use Solana Company’s Pacific Backbone network in four countries.
• The partnership will develop institutional staking products based on JitoSOL for Asian asset managers.
• Solana Company holds about $180 million worth of SOL as part of its treasury strategy.

Solana Company and Jito Foundation have formed a partnership to expand institutional validator and staking infrastructure across the Asia-Pacific. The companies will deploy Solana validators and develop staking products for large financial firms. They aim to strengthen compliant participation and increase Solana adoption in key regional markets.

Solana Company Expands Validator Footprint Across APAC

Solana Company confirmed it will jointly establish and operate Solana validator servers across Asia-Pacific with Jito Foundation. The rollout will anchor on Pacific Backbone, Solana Company’s institutional infrastructure network operating in Hong Kong, Singapore, Japan, and South Korea. The companies stated they will use this network to support secure and scalable validator services for institutional clients.

Through this partnership, both firms will focus on delivering institutional-grade infrastructure and improving staking yield performance. They will integrate Jito’s market layer technology with Solana Company’s regional network and client relationships. Marc Liew, head of APAC at Jito Foundation, said, “We’re creating a stronger foundation to enable scalable, compliant participation in the Solana ecosystem.”

Solana Company operates as a publicly listed digital asset treasury focused on SOL holdings. The company currently owns about $180 million worth of SOL, according to its statement. It plans to use its balance sheet and infrastructure to support validator expansion in the region.

Jito Foundation Advances Institutional Staking With JitoSOL

Jito Foundation will support the initiative by deploying its liquid staking and MEV infrastructure across the new validator network. The organization operates a liquid staking platform and issues the JitoSOL token within the Solana ecosystem. Through this collaboration, the firms will design staking products based on JitoSOL for asset managers and wealth managers in Asia.

The companies said they will tailor these products to meet institutional requirements and compliance standards in regional markets. They will also seek to optimize staking rewards through Jito’s validator and MEV technology stack. The partnership aims to align validator operations with the needs of regulated financial institutions.

Jito Foundation has secured institutional backing to expand its operations. In 2024, Andreessen Horowitz invested $50 million in Jito through a strategic private token sale. The firms confirmed they will begin deploying validators across the Pacific Backbone network in the coming months.