A $59 million RLUSD settlement was completed on the XRP Ledger on April 29 at a total transaction fee of $0.000188, cited by on-chain researcher Ripple Bull Winkle as live proof that Ripple’s payment network is already handling large-scale cross-border settlements in production.

RLUSD settlement of $59 million was completed on the XRP Ledger on April 29, settling with a fee of just $0.000188, according to on-chain researcher Ripple Bull Winkle, whose findings were cited in a Coinpedia report alongside the same day’s NYSE Arca filing naming XRP as an eligible commodity trust asset. The transaction is notable not because large XRP Ledger transactions are new but because $59 million at sub-penny cost represents exactly the institutional settlement use case Ripple has promoted as RLUSD’s primary function: a tool for corporate treasury operations, cross-border settlements, and on/off-ramp flows where the cost and speed profile of SWIFT rails is structurally inferior.

RLUSD Settlement Demonstrates XRP Ledger at Institutional Settlement Scale

As crypto.news reported, RLUSD was designed from the outset for enterprise-grade financial applications rather than retail stablecoin use, with Ripple explicitly targeting institutional settlement, cross-border remittances, and tokenized asset collateral as the primary deployment scenarios. The integration of RLUSD directly into Ripple Payments allows the stablecoin to flow within the same on-ramp, off-ramp, and treasury infrastructure that Ripple’s existing institutional clients, including BKK Forex and iSend, already use for daily operations. A $59 million transaction for $0.000188 in fees is operationally meaningful for any institution currently using SWIFT for the same corridor, where equivalent flows carry correspondent banking fees in the range of 0.5% to 1% of notional value plus a two-to-three-day settlement delay. The same transaction on SWIFT would carry estimated costs between $295,000 and $590,000 in total fees and would not settle until the following business week.

Why This Settlement Matters Beyond the Fee Number

As crypto.news documented, Ripple’s institutional expansion in April 2026 has been the most concentrated single-month push the company has made in its history, with the KBank proof-of-concept signed April 27, the Travelex Bank partnership reaffirmed, and the US Faster Payments Council naming Ripple a G20 payments innovator all arriving within the same two-week window as today’s $59 million settlement. A live production settlement of that size on the XRP Ledger, using RLUSD rather than XRP directly, also demonstrates that Ripple’s stablecoin strategy is functioning alongside the XRP bridge asset model rather than replacing it, consistent with what Ripple has publicly described as its dual-rail approach to institutional settlement infrastructure. As crypto.news tracked, the XRP Ledger processed $59 million in this single settlement while XRP itself remains range-bound near $1.43, suggesting that network utility is expanding faster than price discovery has absorbed it.

RLUSD launched in December 2024. Its market capitalization has since grown toward $300 million, with Ripple describing it as the settlement layer for its enterprise treasury platform offering corporate clients a unified view over fiat, RLUSD, and XRP balances in a single integration.

Las Vegas — Eric Trump took the stage at Bitcoin 2026 in Las Vegas with a message: the asset’s best days aren’t ahead, they’re already here.

The American Bitcoin (ABTC) co-founder and chief strategy officer declared that the convergence of institutional adoption, corporate treasuries, and mainstream financial access has made this bitcoin’s most important moment to date.

“What bitcoin has done in the last six months relative to the previous three years is transformational,” said Trump. “We are in the greatest period I’ve ever seen.”

Trump pointed to major banks now offering bitcoin-backed mortgages and custody services as evidence of a Wall Street reversal. “People are not selling it. People are holding it. Bitcoin is becoming sticky,” Trump said, adding that limited supply and growing demand from both institutions and sovereign governments are compressing the market structurally.

Moderator Eric Balchunas, Bloomberg’s senior ETF analyst, framed the shift through the lens of the ETF market, noting that bitcoin ETFs have been among the most successful product launches in the instrument’s history, democratizing access for everyday investors in a way previously reserved for institutions.

“I’ll ride out the volatility,” said Trump. “We’ll see who wins in a 10-year period of time.”

Current Federal Reserve chair Jerome Powell will continue to stay on the central bank’s board as Governor after his term ends in May.

Speaking at a press conference following the central bank’s decision to hold interest rates steady at 3.5%-3.75% on Wednesday, Powell voiced concerns about the legal action against the central bank, saying it is causing him to stay, even though he plans to keep a “low profile.”

“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors,” Powell said.

When the administration of President Donald Trump closed its criminal investigation into Powell, it left room to revisit the case. Jeanine Pirro, the U.S. attorney for the District of Columbia, said the matter would stay under review by the Fed’s inspector general and warned prosecutors could reopen it if new facts emerged.

That statement, along with later remarks from President Donald Trump and his aides, raised concern that Powell could still face legal pressure. Powell said even though he wanted to leave, he had “no choice” but to stay.

Fed leave rates unchanged

The Fed’s rate hold came as expected, but the dissent from three Governors stood out, according to 21shares macro analyst Matt Mena. “The Fed’s decision to keep rates steady wasn’t the shocker, but those three dissenters calling for a strike on any easing guidance threw a bucket of ice on the market’s pivot party,” Mena said. The hawkish tone weighed on risk assets, with bitcoin BTC$75,451.60 slipping under the $75,000 support mark as traders brace for a retest of the $73,000 level.

Focus has also shifted to potential policy changes ahead. “Markets may begin to price a [Kevin] Warsh pivot that favors rate cuts, and more importantly, the imminent passage of the CLARITY Act,” Mena said, adding that if momentum returns, “the path to $85,000–$90,000 looks like a clear shot.”

Crypto has always been a risky space in which to put one’s money, but the current rate of hacks has even multi-cycle veterans spooked.

In 2026 alone, a grand total of $1.08 billion has been stolen in at least 68 incidents.

Three major thefts account for the vast majority of the losses, two of which came in April. It’s been a particularly rough month with 30 incidents so far, an average of more than one a day.

Just this past week, Protos has identified 13 individual losses, including three on the same day this article was written. Although these were mostly for lower amounts, they totaled over $11 million of losses.

In an attempt to keep readers up to date (not to mention staying on top of it ourselves!) Protos has put together a catalogue of crypto hacks; entries cover 2026 so far, generally with a $100,000 loss cut-off.

Protos’ hack tracker can be found on the Live section of our website.

Read more: LayerZero among bridges Lazarus using to launder loot

Security firms struggling to keep up with crypto hacks

Facing such an onslaught of hacks, even specialist crypto security firms seem unable to keep pace. 

Team members from crypto projects Alchemix, Trading Strategy and Yearn Finance all scolded Peckshield on Wednesday for its “reckless” alerts, which implied their products were to blame for losses from insecure third-party contracts.

Read more: Crypto security firms more concerned with social media clout than the details

Even the experts aren’t exempt from falling victim to hackers. The business development manager of CertiK, a crypto audit firm whose reputation is already somewhat shaky, took to X to warn that his Telegram account had been hijacked by scammers to spread malware using “fake meeting links.”

More hacks or greater visibility?

The advent of widespread AI use is increasingly seen as a major factor in the recent perceived uptick of hacks, especially those targeting smaller and/or older contracts.

The near-constant stream of incidents may be down to a genuine uptick in activity or simply increased visibility.

As well as AI-powered tools being used to find and exploit vulnerabilities, they increase researchers’ ability to monitor and pluck out noteworthy transactions from the background noise of blockchain data.

Either way, it’s a significant amount of the overall DeFi sector, claims Pigi Finance.

It analyzed five years of hacks and estimates that 3.37% of DeFi assets are lost in protocol exploits, per year. This excludes “bridge hacks, CEX collapses, wallet drains [and] phishing,” focusing on “pure protocol-level risk.”

But as security standards harden, especially amongst projects holding significant funds, the focus for big paydays has moved elsewhere.

Neither of April’s two monster hacks, Drift Protocol’s $280 million and Kelp DAO’s $290 million losses, were smart contract exploits.

ImmuneFi’s Mitchell Amador, analyzing a similar timeframe, says “protocol security has improved dramatically.” Despite the number of loss events decreasing, both total losses and average loss per incident are down sharply from 2022 highs.

As the largest recent losses show, the juiciest crypto hack targets now involve long term social engineering and spear-phishing, with the ultimate aim to compromise privileged machines.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Meta has begun rolling out stablecoin payouts for creators, marking the social media giant’s return to digital currencies four years after shelving its Libra project.

According to a Meta help page, creators in Colombia and the Philippines can now opt to receive payouts in USDC on either the Solana or Polygon networks. Recipients must connect a compatible third-party wallet, such as MetaMask or Phantom, to their Facebook payout account.

“With off-ramps in 150+ countries, our Open Money Stack expands financial access and improves how creators receive and use earnings globally,” the Polygon team wrote on X.

Stripe is handling crypto-specific tax reporting alongside Meta’s standard forms. Meta is not offering an off-ramp, meaning creators who want to cash out into local currency must move their USDC to a third-party exchange.

Post-Libra Revival

The launch lands four years after Meta wound down Diem, the rebranded version of its Libra global stablecoin project, following sustained opposition from U.S. and European regulators. The Diem Association sold its assets to Silvergate Capital for around $182 million in early 2022.

Meta’s quiet return follows the 2025 passage of the GENIUS Act, which established the first U.S. federal framework for dollar-backed stablecoins and unlocked a wave of consumer-firm integrations.

Shopify began allowing merchants to accept USDC payments, Western Union announced plans to launch its USDPT stablecoin on Solana next month, and DoorDash partnered with Tempo, the Stripe-incubated stablecoin chain, to pay merchants and Dashers across more than 40 countries.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Polymarket is pursuing a regulatory pathway to reopen its main prediction markets platform to users in the United States, according to Bloomberg, which cited people familiar with the matter. The development would signal a broader US re-entry for the firm, following a limited return last year via a regulated QCEX-based setup that still blocks American users from the main exchange.

The contemplated relaunch hinges on obtaining approval from the US Commodity Futures Trading Commission (CFTC) to lift the long-standing prohibition on US-based customers. A full reinstatement would require a formal CFTC commission vote. Bloomberg noted that the process could be facilitated by four vacant commissioner seats, potentially reducing the number of votes needed to advance the matter.

The move comes against a backdrop of heightened regulatory scrutiny of prediction markets in the United States, where rivals such as Kalshi have established a stronger domestic footprint even as the sector faces ongoing enforcement and legal questions at both state and federal levels. Polymarket’s potential US comeback would, if successful, intensify competition in a market that regulators closely monitor for compliance with registration, licensing, and consumer-protection standards.

Polymarket declined to comment to Cointelegraph about the Bloomberg report.

Key takeaways

• Polymarket is seeking CFTC clearance to restore full US access to its main prediction markets platform, a move that would require a formal vote by the agency’s commissioners.
• The bid follows the 2022 CFTC settlement, which forced Polymarket to block US users and imposed a $1.4 million civil penalty for unregistered event contracts.
• A complete US relaunch would contribute to competition with Kalshi, which has gained traction domestically and holds relationships with major crypto platforms such as Coinbase.
• US enforcement activity and state actions remain a material risk for Polymarket and other prediction platforms, including ongoing lawsuits and investigations into the use of event contracts for gambling or illegal betting.
• Polymarket’s US operations have progressed only gradually, with a late-2025 comeback that began with a waitlist-based app focused on sports contracts, followed by broader market ambitions.

Regulatory backdrop and potential implications for US operations

The regulatory framework governing prediction markets in the United States rests primarily with the CFTC, which regulates commodity and derivative instruments and enforces registration and anti-fraud provisions. Polymarket’s 2022 settlement underscores the risk profile for platforms offering event-based contracts to US residents without appropriate registration or oversight. A formal CFTC vote to lift the ban would represent a significant legal milestone that could determine whether Polymarket can operate its core exchange in the United States on par with international platforms.

The transition would also intersect with broader policy considerations around digital markets, consumer protection, and financial innovation. While MiCA governs EU-based crypto-asset activities and has implications for cross-border services, the US approach remains characterized by federal agency actions and state-level enforcement. For market participants, the outcome could influence licensing strategies, KYC/AML controls, and compliance architectures required to service US customers at scale.

As regulators continue to scrutinize prediction markets, any relaunch would be weighed against enforcement history and ongoing legal challenges. Reports indicate that Wisconsin’s top law enforcement official filed a lawsuit on April 23 against Kalshi and Polymarket, alongside other firms such as Coinbase, Robinhood, and Crypto.com, alleging that these platforms facilitate illegal sports betting through event contracts. Separately, federal authorities—the CFTC and the Department of Justice—have pursued cases related to the use of event contracts in ways that may contravene US restrictions, including allegations tied to a US service member using non-public information to place bets on Polymarket’s international exchange via VPN access. These actions illustrate the current enforcement environment that any relaunch would navigate.

In practice, a successful US relaunch would necessitate robust licensing frameworks, rigorous consumer protections, and clear delineations of which markets fall under securities, commodities, or other regulatory categories. The interagency dynamics—encompassing the CFTC, the DOJ, and state authorities—would shape the pace and scope of any permitted activities. For exchanges and banks evaluating partnerships or custody arrangements, the decision to re-enter the US market would hinge on the ability to demonstrate compliant operations across borders and to manage enforcement risk effectively.

Market dynamics, performance, and enforcement risk in the US landscape

Polymarket’s position in the US prediction-market landscape has evolved alongside regulatory pressure. The platform previously accounted for the majority of activity in the field, but its dominance has come under pressure from a growing competitor base and heightened scrutiny. A Dune-derived assessment cited on Datadashboards suggested Polymarket once captured a substantial share of notional volume, though subsequent scrutiny of volume reporting has prompted questions about measurement and methodology. Meanwhile, Kalshi has expanded its domestic footprint and secured integration with major platforms, contributing to a more competitive environment for compliant prediction-market operators.

Despite higher visibility for Kalshi, Polymarket remains entangled in enforcement scrutiny that spans both federal and state channels. The Wisconsin action is indicative of a broader regulatory push against “event contracts” that resemble sports betting, highlighting the risk of civil actions that could affect platform viability and investor confidence. In parallel, ongoing investigations into cross-border activity—coupled with combatting unregistered contracts—underscore the regulatory challenges that accompany any attempt to relaunch the main US exchange at scale.

From a compliance perspective, the reintroduction of Polymarket into the US market would demand rigorous AML/KYC controls, transparent disclosures regarding contract types and settlement mechanisms, and robust risk-management measures to monitor for potential abuse or manipulation. For institutional observers, the development raises questions about licensing pathways, the consistency of state-by-state enforcement, and the potential for harmonized standards across multiple jurisdictions as digital prediction markets continue to mature.

Historical context and what a US relaunch would entail

Polymarket’s US trajectory has long been conditioned by regulatory decisions. The 2022 settlement setting a cap on the company’s US operations was a pivotal turning point, creating a permanent constraint that any broader US return must address. The company’s late-2025 comeback, characterized by a limited, waitlisted US app rolled out with sports-focused contracts, represented a cautious, incremental approach—intended to test compliance readiness while rebuilding user trust and infrastructure. A broader relaunch would require not only regulatory clearance but also scalable compliance programs, clear product classifications, and a plan to align with evolving enforcement expectations.

Against this backdrop, competition with Kalshi—already a domestic market leader and a recognized provider for major crypto exchange Coinbase—takes on strategic significance. A successful US relaunch for Polymarket could expand the range of state- and federally regulated offerings available to institutions seeking hedging tools or research data, while simultaneously increasing the regulatory and operational complexity for market participants who rely on these platforms for legitimate, compliant risk assessment.

Closing perspective

Any decision to lift the US ban and authorize Polymarket’s main exchange would represent a meaningful inflection point for the prediction-market ecosystem, with broad implications for licensing, cross-border operations, and enforcement alignment. As regulators, industry players, and market participants monitor evolving developments, the path forward will hinge on clear regulatory clarity, robust compliance infrastructure, and demonstrated adherence to applicable laws and standards. The coming months will clarify whether a formal CFTC vote materializes and how policymakers balance innovation with consumer protection and market integrity.

Former Goldman Sachs crypto executive Oliver Harris, who has returned to the TradFi world as JPMorgan’s new blockchain chief, once said he believes tokenization alone will not fix one of finance’s core challenges, warning that putting assets on blockchain rails does not automatically make them easier to trade.

“Tokenization does not equal liquidity,” Harris, who will be leading JPM’s Kinexys division, said during a panel at Consensus Toronto last year as the founder and CEO of Arda, a startup that Harris worked on for a year and a half.

The comment underscores a more cautious view of one of the industry’s biggest narratives as Harris takes over Kinexys.

In a LinkedIn post on Tuesday, Harris said his focus will be on expanding digital settlement infrastructure, advancing tokenization capabilities and strengthening partnerships across both public and private blockchain networks.

“The work sits at the foundation of the next era of market structure: how money, assets, and information moves onchain,” he wrote.

During his panel last year, Harris also reflected on his own path through the industry, noting repeated attempts to bring tokenization into mainstream finance. “I think I would call this my third hell loop,” he said, referencing roles at JPMorgan, Goldman Sachs and his startup Arda. He added that this time may be different given recent progress in technology and regulation.

His broader argument is that real change will come not from tokenizing individual assets but from reworking the systems that support them. “I get more interested about global settlement layer, where you can merge money, assets and data onto one software platform,” he said.

That shift could streamline how markets operate. “You can basically rip out the back end of these incumbent legacy industries and replace them with… blockchains,” he said, describing a future where markets run continuously and assets can interact more easily.

Harris returns to JPMorgan after earlier roles at the bank and at Goldman Sachs, where he worked on tokenization efforts. He said previous waves of experimentation fell short due to immature technology and unclear regulation.

“The technology is now fit for purpose,” he said, adding that “enterprise grade regulations were really not there” before.

Before rejoining JPMorgan, Harris spent about a year and a half building Arda, a platform aimed at making real estate assets programmable and easier to trade.

He said during the panel that he now sees the industry nearing a turning point. “Now [is the] best time in history to look at real world assets,” he said.

His appointment comes as large banks increase investment in blockchain infrastructure, betting that faster settlement systems and tokenized assets could reshape how global finance operates.