Vietnam has not issued its first crypto exchange license, but five companies have passed an initial assessment under the country’s five-year digital asset market pilot.

To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under Vietnam’s State Securities Commission, disclosed the progress at the Vietnam RWA Summit 2026, according to an Aug. 30 Vietnam News Agency report.

The authorities did not name the five applicants or confirm when final licensing decisions will be issued. Passing the initial assessment does not authorize any company to operate an exchange.

Vietnam crypto exchange applicants face a $383 million threshold

Vietnam’s Resolution No. 05/2025/NQ-CP requires each exchange applicant to have at least 10 trillion Vietnamese dong, approximately $383 million, in contributed charter capital. Contributions must be made in Vietnamese dong.

At least 65% of that capital must come from institutional shareholders. More than 35% must be contributed by at least two qualifying organizations, including commercial banks, securities companies, fund managers, insurers or technology companies.

Applicants must also obtain an appraisal showing that their technology meets Level 4 information-system security standards. The Ministry of Public Security handles the required security assessment before an exchange can begin operating.

Other licensing requirements cover management qualifications, custody, transaction monitoring, internal controls, conflict management and customer complaints. Applicants must also maintain systems for anti-money laundering and investor-identity verification.

The 10 trillion dong requirement is charter capital, not an additional investment fee paid to the government. Vietnam has not said whether all five preliminary applicants have already secured the full amount.

New crypto penalties take effect September 1

Decree No. 284/2026/ND-CP takes effect on Sept. 1 and will remain applicable while Resolution 05 governs the crypto market pilot. The decree establishes penalties for unlicensed services, improper issuance, weak customer checks and anti-money laundering failures.

Organizations providing crypto services or advertising an exchange without a license face fines of between 180 million and 200 million dong. Authorities can also order the removal of websites, software and trading systems involved in violations.

Licensed service providers face fines for failing to separate customer assets, monitor transactions or protect account information. Failure to verify customers can attract organizational fines ranging from 50 million to 70 million dong.

The decree generally states organizational fine levels. Individuals committing the same violation ordinarily face half the stated amount. The maximum penalty is 200 million dong for an organization and 100 million dong for an individual.

Domestic traders do not face immediate platform fines

Article 9 sets an organizational fine of 30 million to 50 million dong for domestic investors trading outside a Ministry of Finance-licensed provider. The general half-rate provision indicates an individual could face between 15 million and 25 million dong.

However, that penalty does not automatically begin on Sept. 1. Article 7 of Resolution 05 states that domestic investors become subject to the licensed-platform requirement six months after the first crypto asset service provider receives approval.

Because Vietnam has not licensed any provider, the six-month transition clock has not started. Domestic investors therefore will not be fined from Sept. 1 solely for continuing to use an overseas or otherwise unlicensed platform, according to experts cited by VNA.

Other violations covered by Decree 284 can still become enforceable on Sept. 1. These include operating or advertising an unauthorized platform, improper token issuance and certain failures involving customer data or anti-money laundering controls.

The first license will start Vietnam’s six-month countdown

Vietnam introduced the pilot through Resolution 05 on Sept. 9, 2025. As crypto.news previously reported, the five-year regulated crypto market pilot created rules for issuance, custody, trading and licensed service providers.

The framework initially permits locally issued crypto assets to be offered only to foreign investors. Eligible tokens must be backed by real-world assets and cannot represent securities or fiat currencies under the pilot.

Vietnam previously indicated that only a limited number of exchanges would receive licenses. The report that five companies passed the first assessment does not confirm that each will ultimately receive approval.

The next event is the Ministry of Finance’s first license. That decision will start the six-month period after which domestic investors must route covered crypto trading through licensed Vietnamese providers.

No licensing deadline has been announced. Investors will need to watch official Ministry of Finance and State Securities Commission notices rather than treating preliminary assessments as operating authorization.

Russia’s largest bank, Sber, plans to expand its crypto-backed lending to accept Tether’s USDt stablecoin and Ether as collateral alongside Bitcoin, according to a senior executive.

Sber will adapt its existing products and gradually expand its offerings as Russia’s new crypto law takes effect, Deputy Chairman Anatoly Popov said, according to a Friday TASS report. The bank plans to add the assets as collateral after the Bank of Russia permits them for public trading, he said.

The plans come as Russia rolls out a regulated crypto market under a law signed by president Vladimir Putin on Aug. 4, with core provisions taking effect Sept. 1.

The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges. The central bank proposed Bitcoin, Ether and USDT for regulated exchange trading on Aug. 11, saying they met requirements including market capitalization, trading volume and at least five years of price history on overseas markets.

Sber has taken a more cautious view of the digital ruble, Russia’s central bank digital currency (CBDC), ahead of its wider rollout on Sept. 1. Sber’s chief financial officer Taras Skvortsov reportedly said that the bank sees little evidence of broad demand for the CBDC.

“I don’t see any clear interest in this instrument, apart from the central bank’s,” Skvortsov said, adding that neither retail nor corporate clients nor financial institutions are actively pushing for the CBDC.

Related: Stablecoins not credible for payments at scale, BIS chief says

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Ripple has named Academy Award winner and Water.org co-founder Matt Damon as a keynote speaker for Swell 2026, scheduled for Oct. 27–29 at The Shed in New York City.

The official Swell website lists Damon among the keynote speakers alongside Bullish Chairman and CEO Tom Farley. Ripple has not yet published the topic, timing or format of Damon’s appearance.

Swell’s latest announcement also added four speakers: Aviva Senior Investment Director Alastair Sewell, Susquehanna Crypto CEO Chase Lax, Water.org CEO and co-founder Gary White, and PEAK6 co-founder Jenny Just.

Ripple Swell 2026 adds finance and nonprofit leaders

The expanded lineup places executives from investment management, crypto trading, financial technology and nonprofit finance within the same program. Ripple describes Swell as a conference examining connections between traditional finance and the onchain economy.

Other listed speakers include Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz. External participants include Robinhood crypto executive Johann Kerbrat, BNY Global Head of Markets Laide Majiyagbe and Intercontinental Exchange Vice President Michael Blaugrund.

Former Reserve Bank of India Governor Raghuram Rajan is also listed. The lineup extends beyond crypto-native companies to include banks, asset managers, exchange operators, academics and development organizations.

Ripple has not released the complete session schedule. More speakers are expected to be announced, but the event website does not provide a deadline for completing the lineup.

Matt Damon’s appearance connects to Water.org

Damon co-founded Water.org with Gary White. The nonprofit works with local financial institutions to provide affordable financing for household water and sanitation systems.

Ripple joined Water.org’s Get Blue campaign in June as its exclusive digital asset and payments partner. As crypto.news reported, RLUSD is being used to move funding to microfinance partners serving communities across emerging markets.

That existing relationship gives Damon’s participation a direct connection to Ripple’s humanitarian payments work. However, neither Ripple nor Water.org has confirmed that his keynote will focus on RLUSD, charitable payments or the Get Blue initiative.

Ripple previously said Water.org and other nonprofits were testing its payments infrastructure and stablecoin. The company described the technology as a way to improve the speed and transparency of cross-border aid transfers. Those performance claims come from Ripple and participating organizations rather than an independent assessment of every transfer.

Swell and XRPL Apex become one conference

Ripple will combine Swell and XRPL Apex into one event for the first time in 2026. Swell has traditionally focused on institutional finance, payments and policy, while Apex has served developers and researchers working on the XRP Ledger.

The combined conference is planned around more than 50 sessions across three stages. Ripple expects over 75 speakers and more than 1,500 attendees, according to the event website. These are organizer projections and may change before October.

Program topics include payments, stablecoins, tokenization, crypto markets, exchange-traded funds, decentralized finance, artificial intelligence, privacy, quantum computing and XRP utility.

In related coverage, the combined Swell and XRPL Apex conference was identified as a major October event for the wider Ripple and XRP Ledger ecosystem. Conference announcements alone do not establish future demand for XRP or other Ripple-related products.

Registration closes before the October event

Swell 2026 will take place at The Shed, a cultural center at 545 West 30th Street in Manhattan’s Hudson Yards. Standard registration is listed at $1,200 through Oct. 5.

The final registration period runs from Oct. 6 through Oct. 20, with tickets priced at $1,500. Ripple has separate application routes for journalists, speakers, partners and hackathon participants.

The organizers are also planning an institutional summit and a hackathon within the wider conference program. Detailed schedules for those components remain pending.

The next confirmed steps are additional speaker announcements and publication of the complete agenda. Damon’s precise keynote subject and the sessions assigned to the four newly announced speakers have not yet been disclosed.

Coinbase will suspend trading for Badger DAO and Storj on Sept. 28, 2026, following its latest review of assets listed on the U.S. cryptocurrency exchange.

Trading will end at approximately 2 p.m. ET across Coinbase.com Simple and Advanced Trade, Coinbase Exchange and Coinbase Prime, according to the exchange’s Aug. 28 announcement.

Coinbase said it regularly reviews supported assets to determine whether they continue meeting its listing standards. The exchange did not disclose which technical, legal, compliance or market criteria prompted its decision concerning BADGER and STORJ.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Badger DAO (BADGER) & Storj (STORJ) on 28 September 2026 on or around 2 PM ET.

What does this mean for you? Read more👇

— Coinbase Markets 🛡️ (@CoinbaseMarkets) August 28, 2026

Coinbase puts BADGER and STORJ in limit-only mode

Coinbase has moved the BADGER and STORJ order books into limit-only mode ahead of the suspension. Customers can place and cancel limit orders, while transactions may still execute when matching orders become available.

Limit-only mode prevents traders from submitting market orders. It gives customers more control over their requested prices during the transition, although an order may remain unfilled when sufficient liquidity is unavailable.

The restrictions apply to Coinbase’s retail, professional and institutional trading services. After the Sept. 28 deadline, customers will no longer be able to buy or sell either token through the affected Coinbase platforms.

Coinbase did not announce any automatic conversion program for remaining balances. This differs from its earlier handling of DAI, when eligible customer balances were scheduled for conversion into USDS after trading ended.

Withdrawals remain available after trading ends

Customers will retain access to their BADGER and STORJ balances. Coinbase said users will continue to have the ability to withdraw both assets, and it did not announce a withdrawal deadline.

A trading suspension therefore does not mean that Coinbase has frozen the tokens. Customers can leave supported balances on the platform or transfer them to compatible external wallets. Anyone transferring funds must verify the receiving address and supported blockchain before approving an irreversible transaction.

BADGER is the governance token associated with Badger DAO, a decentralized finance project focused on bringing Bitcoin-linked assets into DeFi. STORJ serves as a payment token within the Storj decentralized cloud-storage ecosystem.

The loss of Coinbase trading could reduce access to both tokens for customers who rely on the exchange. Other centralized and decentralized markets may continue supporting them, subject to regional restrictions and the platforms’ own listing decisions.

BADGER falls as Coinbase prepares trading suspension

BADGER traded near $0.37 on Aug. 30, down approximately 4% over 24 hours. The token moved within an intraday range of about $0.365 to $0.385. The timing followed Coinbase’s announcement, but the price change cannot be attributed solely to the suspension without further evidence.

STORJ traded near $0.074 during the same reporting period. Available market data did not show a comparably clear announcement-linked move, making a direct market-reaction conclusion difficult.

Delistings can reduce liquidity and widen spreads when a large exchange accounts for a material share of trading. However, Coinbase did not publish volume or liquidity figures showing its share of the global BADGER and STORJ markets.

The exchange says its monitoring process considers onchain and offchain signals. Material changes to a project or Coinbase’s understanding of an asset can trigger further review, according to the company’s listing policy.

September brings three Coinbase token suspensions

BADGER and STORJ are not Coinbase’s only scheduled September suspensions. The exchange previously announced that IoTeX trading would end on Sept. 23 at approximately 2 p.m. ET.

Coinbase also suspended five tokens earlier in August. As crypto.news reported, withdrawals remained open after trading ended for IDEX, LRC, OMNI, PIRATE and FIS.

Customers holding BADGER or STORJ now have until Sept. 28 to complete trades through Coinbase, subject to the limit-only restrictions. The exchange has not announced an appeal process, reconsideration period or further review deadline.

The next confirmed step is the suspension across all named Coinbase trading services. Withdrawals are expected to continue afterward unless Coinbase publishes a separate update.

Real Trump Coins denied launching or authorizing the Solana-based Trump Digital GOLD token on Aug. 29 after promotional posts appeared on its X account and associated website.

The Trump-linked merchandise business blamed “third-party bad actors” for the promotion. It also said it was working with authorities to investigate the incident. No named law enforcement agency has publicly confirmed an investigation.

“Trump Coins has not authorized and will not launch, promote, or authorize any digital token,” the company said on X.

The denial followed a rapid token collapse and large sales from a concentrated group of wallets. However, neither blockchain analysts nor authorities have publicly identified the people who created GOLD or controlled the wallets.

GOLD token appeared across linked online channels

The @realtrumpcoins1 X account posted GOLD’s Solana contract address shortly after the token was created on Aug. 29. The post directed traders to RealTrumpCoins.com, where the token also appeared.

The involvement of both channels created confusion over whether the launch was authorized. The promotional X posts were later deleted, while the account began directing users to TrumpCoins.com.

Earlier posts from the same account had directed merchandise customers to RealTrumpCoins.com as recently as Aug. 25. The older domain reportedly continued showing the GOLD promotion after the company issued its denial.

The account is associated with licensed Trump-themed physical merchandise, including commemorative coins. That connection does not establish that GOLD was approved by Donald Trump, his family or the Trump Organization.

Trump’s verified accounts did not publicly promote GOLD. The token is also separate from Official Trump, the Solana memecoin Trump promoted through his verified social media profiles in January 2025.

GOLD loses 99% after concentrated wallet sales

GOLD briefly reached an estimated market capitalization of $66 million following the promotional post. It later fell to approximately $700,000, representing a decline of almost 99%.

Onchain researcher EmberCN reported that connected wallets sold 824.54 million GOLD tokens, equal to 82.45% of the supply. The wallets received approximately 9,784.6 SOL, worth about $1.01 million at the time.

The token’s market value reportedly fell from roughly $55 million to $1 million within 30 seconds as the wallets sold. The concentration left the market with limited capacity to absorb the available supply.

A separate Lookonchain analysis identified 15 wallets described as team-linked. It estimated that those wallets sold tokens for about $330,000 and earned approximately $312,000.

The two estimates appear to cover different wallet groups or transaction periods. Neither researcher identified the real-world owners behind the addresses. Blockchain activity can connect funding and trading patterns, but it cannot establish identity or criminal responsibility by itself.

As crypto.news reported before the denial, some wallets acquired GOLD before the account published its contract address. That timing raised questions about whether traders had advance knowledge of the promotion.

Denial leaves control of the account unexplained

Real Trump Coins said “bad actors” were responsible but did not explain how they gained access to both the X account and website. It also did not state when it detected the activity or when it regained control.

The business has not disclosed whether the incident involved stolen credentials, compromised administrators or unauthorized access to domain infrastructure. It has also not identified the organization handling its reported investigation.

Therefore, the denial confirms the company’s position but does not resolve who controlled the promotional channels. It also does not establish whether the token developers coordinated with anyone who had access to those channels.

No regulator has publicly accused Real Trump Coins, Donald Trump or the Trump Organization of participating in the GOLD launch. Likewise, no official finding has classified the incident as fraud or a rug pull.

Authorities could examine promotion and wallet activity

The SEC’s February 2025 staff statement said transactions involving meme coins fitting its description generally do not constitute securities transactions. That staff position is not legally binding.

The statement also said fraudulent conduct involving meme coins can still lead to action under other federal or state laws. Authorities could examine false promotion, unauthorized account access, wire fraud or other conduct depending on the evidence.

The SEC’s investor guidance warns that promoters may create culture-themed tokens, generate demand through social media and sell before the attention ends.

What happens next depends on whether Real Trump Coins identifies the authorities it contacted and provides technical evidence of a compromise. Investigators would also need records from the website, X account, token deployer and exchanges that received the sold SOL.

Stablecoins do not yet credibly function as a payment method at scale, Bank for International Settlements General Manager Pablo Hernández de Cos said on Aug. 28 at the Federal Reserve’s Jackson Hole symposium.

In his official BIS speech, de Cos argued that tokenized bank deposits provide a stronger route to programmable payments. They remain within the existing banking system and settle through central bank money.

“Tokenised deposits offer a more direct path to harness tokenisation while preserving the monetary system’s foundations,” de Cos said.

However, he did not call for a complete ban on stablecoins. He said stablecoins and tokenized deposits could coexist if regulators defined their roles and imposed appropriate safeguards. Under his preferred model, tokenized deposits would handle most daily and wholesale payments. Stablecoins would serve narrower functions, including decentralized lending.

The speech came one day after the BIS-linked Financial Stability Institute published a study comparing stablecoin regulations in the United States, European Union, United Kingdom, Hong Kong and Singapore. The report found wide differences in which entities may issue stablecoins and which additional activities they may conduct.

The head of the BIS, the central bank for central banks, Pablo Hernández de Cos said Friday that stablecoins, in their current form, aren’t a credible means of payment at scale, and that tokenized bank deposits are the better path.

A perfectly reasonable thing to say when your… pic.twitter.com/nqRarC7p9j

— Lark Davis (@LarkDavis) August 29, 2026

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Stablecoins struggle to meet three features of money

De Cos assessed stablecoins against three characteristics he considers central to a functioning monetary system: singleness, interoperability and financial integrity.Singleness means different forms of money denominated in the same currency remain redeemable at equal value. A dollar held in one regulated bank should have the same value as a dollar held in another bank.

Stablecoins do not always meet this condition in secondary markets. A user holding USDT may need to sell it before buying USDC when a recipient accepts only the latter. Either token can trade above or below one dollar during stress, meaning the exchange may not occur at par.

By contrast, tokenized deposits remain liabilities of regulated commercial banks. Transfers can debit one customer’s bank balance and credit another while the banks settle through central bank accounts. De Cos argued that this arrangement preserves the connection to central bank money.

Interoperability presents another challenge. Stablecoins operate across several blockchains and scaling networks. Moving the same token between chains often requires bridges, centralized intermediaries or wrapped assets. Each method introduces operational, custody or smart-contract risks.

Tokenized deposits also face interoperability problems. Most current projects operate through permissioned networks that do not communicate freely with other platforms. De Cos acknowledged that no multi-bank, cross-border tokenized deposit system currently operates at full commercial scale.

Financial integrity formed his third concern. Public blockchains allow users to hold and transfer assets without relying on a regulated custodian. This structure can make anti-money laundering and counterterrorist financing controls harder to apply consistently.

That concern does not mean every self-custody transaction is illicit. It means regulators cannot always identify the parties as easily as they can within a bank account system. De Cos said policymakers still need to determine how AML rules should apply to peer-to-peer transfers while protecting privacy.

The BIS chief had already warned that dollar-backed tokens could create financial stability risks if they grow without traditional banking safeguards.

Stablecoin growth creates opposing economic effects

Stablecoin adoption could increase demand for short-term government debt. Issuers commonly hold Treasury bills and other liquid assets to back their circulating tokens.

The U.S. Treasury Department has noted that the GENIUS Act requires permitted payment stablecoins to maintain one-for-one reserves. Eligible assets include cash, deposits, repurchase agreements and Treasury securities with remaining maturities of 93 days or less.

Treasury Secretary Scott Bessent has argued that stablecoin growth could strengthen international demand for dollars and U.S. government debt. When the GENIUS Act became law in July 2025, Bessent called stablecoins “a revolution in digital finance” that could generate additional Treasury demand.

De Cos accepted that stablecoins could lower government borrowing costs, particularly when demand comes from outside the United States. Foreign stablecoin users can create additional demand for Treasury bills rather than merely replacing existing domestic buyers.

However, he said the effect could work against private borrowers. If households move money from bank deposits into stablecoins, banks may lose a relatively stable and inexpensive source of funding.

Issuers could return part of that money to banks as wholesale deposits. Yet wholesale funding tends to be more concentrated and sensitive to interest rates. Banks could respond by raising loan prices or holding more liquid assets.Smaller lenders could face greater pressure because they rely more heavily on customer deposits. Higher funding costs could then reach households and small businesses through more expensive credit.

The reserve structure also creates possible contagion channels. A wave of stablecoin redemptions could force an issuer to sell Treasury bills or withdraw large bank deposits. Such movements could place pressure on short-term funding markets during periods of stress.

These outcomes remain scenarios rather than confirmed forecasts. De Cos cited BIS modeling that found a modest overall economic effect, with the result depending on reserve composition, government debt and whether stablecoin demand originates domestically or abroad.

Five markets apply different stablecoin rules

The Financial Stability Institute study examined regulatory frameworks in five major markets. It found that all five generally limit issuers to functions such as issuance, redemption and reserve management.

The frameworks differ over lending, staking, proprietary trading and custody. The United States and Singapore take relatively restrictive approaches toward specialized non-bank issuers.

Under the U.S. GENIUS Act, activities such as lending, staking, proprietary trading and custody of third-party crypto assets generally fall outside a payment stablecoin issuer’s core permissions. Separate entities or regulatory approvals may still support some related services.

The European Union, United Kingdom and Hong Kong allow certain additional activities when issuers obtain separate authorization, regulatory consent or other required permissions. Banks may also operate under broader prudential frameworks than specialized issuers.

The study identified a potential group-level gap. Restrictions generally apply to the legal entity issuing the stablecoin, not every company within its corporate group.

A related affiliate could therefore conduct activities that the issuer cannot perform directly. Banks already face consolidated supervision designed to capture risks across their groups. Non-bank stablecoin businesses may not face an equivalent system in every jurisdiction.

The FSI authors said regulators may need to extend group-level oversight to larger non-bank issuers. The publication states that its conclusions represent the authors’ views and do not necessarily reflect the position of the BIS or its member central banks.

Meanwhile, the U.S. Treasury continues implementing the GENIUS Act. In April, it proposed AML and sanctions rules that would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act.

The proposal would require issuers to maintain systems for blocking, freezing or rejecting transactions when legally required.

Tokenized deposits still face practical barriers

Tokenized deposits are digital representations of commercial bank deposits recorded on programmable infrastructure. They remain claims against banks rather than claims against separate stablecoin issuers.

Their main advantage is institutional. Banks already operate within capital, liquidity, resolution, supervision and customer-protection frameworks. Settlement through central bank money can also preserve equal value between deposits at different institutions.

Still, tokenized deposits have not solved every technical problem. Separate bank networks can become closed systems with trapped liquidity. Smaller institutions may struggle with implementation costs and network effects that favor larger banks.

Continuous operation also brings risk. Round-the-clock transfers could accelerate deposit withdrawals during a crisis. Banks and central banks may need new liquidity arrangements capable of responding outside traditional operating hours.

Legal questions remain around settlement finality, smart-contract enforcement and correcting mistaken transactions. Tokenized systems must also operate alongside existing banking infrastructure during any long transition.

The BIS is testing these ideas through Project Agorá, which brings together seven central banks and more than 40 private financial institutions. The project has tested cross-border settlement using tokenized commercial bank money and central bank reserves.

As crypto.news reported, the project moved from prototype work toward real-value testing in 2026. However, those trials do not establish that tokenized deposits are ready to replace existing payment networks.

De Cos’s position therefore presents tokenized deposits as the stronger institutional model, not a finished global product. Stablecoins already have wider public-blockchain distribution, while tokenized deposits retain a closer connection to regulated money.

What happens next?

Regulators must now turn broad principles into detailed operational requirements. In the United States, agencies are continuing to implement reserve, licensing, sanctions and AML provisions under the GENIUS Act.

Other jurisdictions will continue applying their own frameworks. Differences between the five markets could encourage issuers to choose structures or locations with broader permissions.

The FSI study suggests that regulators will pay closer attention to entire corporate groups, especially when non-bank affiliates provide lending, staking, trading or custody services around an issuer.

For central banks, the next step involves expanding tokenized settlement experiments while developing common technical and legal standards. Stablecoins are unlikely to disappear from this process. De Cos instead expects them to occupy specialized roles under rules that support redemption, transparency and financial integrity.

FAQs

Sberbank plans to expand its crypto-backed lending business by accepting Bitcoin, Ethereum and Tether’s USDT as collateral, Deputy Chairman Anatoly Popov told TASS on Aug. 28.

However, the proposal remains conditional. Popov said the Russian bank would only add ETH and USDT after the Bank of Russia permits their public circulation. Sberbank has not announced a launch date, loan terms or eligible customer groups.

“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral,” Popov said. He added that the expansion would begin only “after the Central Bank, of course, allows them for public circulation.”

Sberbank will adapt loans to Russia’s crypto rules

Popov said Sberbank had prepared for the regulatory change and already had practical experience handling cryptocurrency. The bank intends to modify its existing products once every part of the new framework becomes effective.

The statement expands Sberbank’s previous interest in issuing ruble-denominated loans secured by cryptocurrency. Popov said in December 2025 that the bank was assessing crypto-backed lending and working with regulators on the required infrastructure.

Sberbank later completed a pilot Bitcoin-backed loan involving Russian mining company Intelion Data. The borrower pledged mined cryptocurrency as collateral. That transaction gave the bank experience in custody, collateral monitoring and enforcement procedures.

The new statement does not mean customers can immediately pledge ETH or USDT. Sberbank must wait for the Bank of Russia to determine which assets can circulate through regulated intermediaries and qualify for use in banking products.

Russia’s crypto framework starts September 1

Russia’s wider cryptocurrency framework takes effect on Sept. 1, 2026. According to the Bank of Russia, the rules create a regulated market involving banks, brokers, asset managers, crypto exchanges and digital depositories.

Both qualified and non-qualified investors will be able to conduct crypto transactions through approved intermediaries. However, retail access will remain restricted.

Non-qualified investors must pass a knowledge test. They may then purchase up to 300,000 rubles in eligible cryptocurrencies annually through each intermediary. Qualified investors must also pass testing but can access a wider group of assets without the same monetary limit.

Foreign stablecoins will generally face the same requirements as other cryptocurrencies. This provision could cover USDT, although the central bank must still determine which assets satisfy its circulation standards.

The framework does not legalize cryptocurrency as a domestic payment method. Payments for goods and services in Russia remain prohibited. Exporters and importers may use cryptocurrency for cross-border settlements under the applicable rules.

Sberbank builds trading and custody infrastructure

Sberbank is also preparing infrastructure for regulated cryptocurrency trading and custody. The bank aims to launch a digital depository by Dec. 1, 2026, as crypto.news reported.

The planned system would record customer ownership, manage wallets and support deposits, withdrawals and settlements. Sberbank has not yet confirmed which cryptocurrencies the platform will support or disclosed its fees and withdrawal limits.

The bank already operates within Russia’s digital financial asset market. It joined the Bank of Russia’s register of approved information system operators in 2022 and has since issued tokenized financial products through its platform.

Sberbank’s plans also remain separate from public blockchain lending protocols. The bank would issue conventional loans and hold cryptocurrency as collateral within a regulated custody structure. It has not announced any integration with decentralized lending platforms.

Regulatory approval will determine the launch

The Bank of Russia must now complete supporting standards covering eligible assets, custody, accounting and customer protection. These rules will determine whether Sberbank can use ETH and USDT as loan collateral.

Market participants have until July 1, 2027, to obtain the necessary licenses and align their operations with the framework. Sberbank’s Dec. 1 infrastructure target falls within that transition period.

Until the regulator approves the assets and Sberbank publishes commercial terms, the expanded collateral offering remains a plan rather than an available product. The bank must also explain how it will value volatile collateral, handle margin requirements and respond when asset prices fall.

Tokenized stock transfer volume climbed more than 415% over the 30 days ending Aug. 29, reaching $29.5 billion as Coinbase brought four equity tokens to Base.

Data from RWA.xyz also showed that monthly active addresses increased more than 209% to approximately 1.3 million. The number of holders rose 167% to 2.36 million during the same period.

The total distributed value of tokenized stocks increased at a much slower rate. It rose 1.45% over 30 days to $2.54 billion. However, that figure was about 637% above the $344 million recorded one year earlier.

Transfer volume measures the value moved between blockchain addresses. It does not necessarily represent purchases and sales by separate investors. Automated transfers, collateral movements and repeated activity between decentralized applications can also raise the figure.

Tokenized stock activity outpaces market value growth

The difference between transfer volume and distributed value shows that existing stock tokens are circulating more frequently. The $29.5 billion monthly figure was more than 11 times the sector’s $2.54 billion onchain value.

RWA.xyz ranked Securitize Corp. as the largest individual tokenized stock at approximately $163 million. Strategy PP Variable xStock followed at $136 million, while an Ondo-tokenized Circle Internet Group product held about $109 million.

Ondo led the platform rankings with $842.8 million in distributed value. Kraken’s xStocks followed with $609.3 million, while Binance’s bStocks held $599.9 million. Together, the three platforms represented roughly 81% of the tracked market.

The address and holder figures indicate broader onchain participation. Still, blockchain addresses do not always equal individual investors. One person or institution can control several wallets, while custodial platforms may use one address for many customers.

Coinbase tokenized stocks go live on Base

Coinbase launched tokenized versions of Nvidia, Meta, Apple and Alphabet shares on Base on Aug. 24. The products trade under the NVDAc, METAc, AAPLc and GOOGLc tickers using Coinbase’s B20 token standard.

According to the official Base announcement, the products can trade continuously through onchain markets and sit inside self-custody wallets. Supported decentralized applications can also integrate them into exchanges, lending markets and other financial products.

Coinbase Onchain SPV Ltd., a company incorporated in Abu Dhabi Global Market, issues the securities. Each token initially represents a beneficial interest in one underlying share held through a segregated custody account.

Alpaca Securities acts as the broker and custodian responsible for purchasing and holding the underlying stocks. Alpaca is registered with the U.S. Securities and Exchange Commission and belongs to FINRA and the Securities Investor Protection Corporation.

Base describes the products as “real shares” held one-for-one by a regulated custodian. However, the product prospectus distinguishes beneficial ownership from direct registration on the listed company’s shareholder records.

As crypto.news reported after the launch, verified holders may submit voting instructions. The issuer’s ability to act on those instructions remains subject to legal, operational and timing restrictions.

Base integrations expand beyond continuous trading

The B20 tokens can interact with supported Base applications. Aerodrome provides decentralized liquidity, while protocols including Aave, Morpho and Euler support or plan lending functions.

Chainlink also launched price feeds for the four assets. The feeds combine the underlying stock price with a Coinbase-provided multiplier that accounts for changes in the amount of equity represented by each token.

The data can help lending protocols calculate borrowing limits, collateral health and liquidations. As crypto.news reported in related coverage, each protocol remains responsible for setting its risk parameters.

Continuous trading creates additional risks. Token prices may move during weekends and outside regular Nasdaq or New York Stock Exchange sessions, when the underlying shares are not trading. Lower liquidity during those periods could produce wider price differences.

Corporate distributions also work differently from a conventional brokerage account. The issuer generally reinvests dividends into additional underlying shares after fees and applicable U.S. withholding taxes. This process changes the deposit ratio rather than delivering cash directly to tokenholders.

U.S. investors remain excluded from the offering

Coinbase limits the Base products to eligible non-U.S. users. The tokenized securities have not been registered under the U.S. Securities Act or approved for sale to U.S. persons.

The offering relies on Regulation S, which covers certain securities transactions outside the United States. Users who acquire tokens through decentralized markets must still complete the issuer’s compliance process before accessing redemption and voting functions.

Unverified holders cannot redeem tokens for shares, U.S. dollars or accepted stablecoins. Verified redemptions carry a 0.05% fee and remain subject to identity, sanctions and anti-money laundering checks.

Coinbase said “more stocks are coming,” but it has not published a complete launch schedule. Any additional products will remain subject to regulatory approval and separate prospectus disclosures.

Meanwhile, Bitwise has introduced three automated models using Coinbase tokenized stocks. The portfolios cover large technology companies, robotics and artificial intelligence. Crypto.news previously reported that the products charge a 0.15% methodology fee and remain unavailable to U.S. persons.

Real Trump Coins has denied launching, promoting or authorizing the Trump Digital GOLD token that briefly appeared across its online presence before collapsing, blaming the promotion on “third-party bad actors.”

The denial came after the Real Trump Coins X account promoted the Solana-based token on Saturday and directed users to RealTrumpCoins.com, where GOLD was also advertised. The X posts were later deleted, while the account now links to a separate domain, TrumpCoins.com.

“Trump Coins has not authorized and will not launch, promote, or authorize any digital token,” Real Trump Coins said in an X post on Saturday, adding that it was working with authorities to investigate the matter.

The statement follows a highly concentrated GOLD launch, with Lookonchain reporting that the developer and newly created wallets controlled 82.45% of its supply. According to the blockchain analytics platform, 15 wallets linked to the team sold their holdings for about $330,000, making an estimated $312,000 profit.

The involvement of both the X account and RealTrumpCoins.com confused crypto observers, with X user Rune questioning how both the account and the domain could have been compromised.

While the Real Trump Coins X account bio linked to TrumpCoins.com, the account was still directing customers to RealTrumpCoins.com as recently as Aug. 25 in a post that remained online at the time of publication.

The Real Trump Coins X account directed customers to RealTrumpCoins.com on Aug. 25. Source: Real Trump Coins

At the time of publication, RealTrumpCoins.com still displayed the GOLD promotion. Trump also continued to follow the Real Trump Coins X account, one of 53 accounts he followed on the platform.

Related: Trump cost investors $4.7B through crypto ‘schemes’: Public Citizen

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