A new independent non-profit, Ethereum Institutional, has launched with the goal of accelerating institutional adoption of Ethereum, its layer-2 networks and the broader ecosystem.

The organization is led by David Walsh, Marius Smith and Matthew Dawson. Walsh previously led the Ethereum Foundation’s enterprise efforts, while the organization said its leadership brings experience spanning institutional engagement, capital markets and Ethereum ecosystem development. It said its mission is to provide institutions with a neutral, independent point of contact as they evaluate Ethereum for tokenization, stablecoins and other onchain financial infrastructure.

In announcing the initiative on X, Ethereum Institutional said institutions need “a credible, independent front door” to the Ethereum ecosystem. While Ethereum’s neutrality is one of its defining strengths, the group argued, that neutrality has often left enterprises without a clear organization to engage as they make long-term infrastructure decisions.

The launch comes as the Ethereum Foundation continues to narrow its role to stewarding the core protocol, with ecosystem participants increasingly spinning up independent organizations focused on specific areas such as business development, institutional outreach and developer support. The shift follows broader changes at the foundation, including leadership restructuring and longstanding community calls for greater transparency.

Investment bank Standard Chartered has initiated coverage of Morpho, calling the lending protocol a dual-play on decentralized finance (DeFi) that combines a lending market with infrastructure for onchain banks and asset managers.

The bank has a $60 price target for MORPHO by the end of 2030, implying roughly 33x upside from its current price. This would see the token outperform both bitcoin BTC$59,990.05 and ether (ETH) over the same period.

MORPHO was more than 13% higher over 24 hours, trading around $2.13 at publication time.

“Given its status as one of the largest DeFi lending protocols and its comfortable financial position (it just raised $175 million in VC funding), we think Morpho can scale to meet the expanding base of assets deployed in DeFi,” wrote Geoff Kendrick, head of digital assets research at Standard Chartered, in the Wednesday report.

Decentralized finance has rebounded sharply over the past year as institutional interest in tokenized real-world assets and onchain lending accelerated. Lending protocols have benefited from rising stablecoin adoption and renewed demand for crypto credit, while infrastructure providers that enable asset managers and financial institutions to deploy capital onchain have emerged as one of the sector’s fastest-growing segments.

The European Union has completed its MiCA transition, leaving Tether’s $186 billion USDT without a compliant route onto regulated crypto exchanges across the bloc from July 1, 2026.

According to the European Union’s Markets in Crypto-Assets (MiCA) framework, the transition period has now ended, requiring regulated crypto platforms to support only compliant stablecoins.

As a result, MiCA-licensed exchanges including Coinbase, Kraken, and Crypto.com have removed USDT trading for European users, ending the stablecoin’s presence on regulated order books despite its position as the world’s largest stablecoin by market capitalization.

Tether rejected MiCA authorization over reserve requirements

Rather than applying for authorization as an electronic money token (EMT), Tether decided not to pursue MiCA approval. CEO Paolo Ardoino previously argued that the regulation’s reserve rules create systemic risk because issuers must keep at least 60% of reserves in European bank deposits.

Tether’s reserve strategy instead relies heavily on U.S. Treasury securities and other globally diversified assets, making the MiCA framework incompatible with its existing model.

The company’s withdrawal from the European market had been unfolding well before the final deadline. Tether discontinued its euro-pegged EURT stablecoin in 2024, while exchange support for USDT gradually disappeared over the following months.

Coinbase Europe delisted the token in December 2024, Crypto.com followed in January 2025, Binance restricted European USDT trading pairs in March 2025, and Kraken first moved users to a sell-only model before later ending support entirely.

Data on MiCA adoption also illustrates how selective the licensing process has been. Before the July 1 deadline, only 244 MiCA licenses had been issued across the European Union, while several crypto companies opted to expand operations from jurisdictions such as Dubai instead of seeking authorization under the bloc’s new framework.

USDC strengthens its position while Tether keeps European partnerships

As Tether stepped away from the licensing process, Circle took the opposite approach by securing an Electronic Money Institution (EMI) license in France. The authorization can be passported across all 27 European Union member states, allowing both USDC and EURC to operate under MiCA. Their compliant status has made them the primary dollar- and euro-backed stablecoins available on licensed European trading platforms.

The transition has also forced liquidity providers to adjust. According to the report, market makers that previously quoted USDT pairs have begun rebuilding liquidity around USDC because regulated exchanges can no longer offer USDT trading within the European Union.

Even so, Tether has not completely exited the region’s digital asset ecosystem. Companies including StablR and Oobit have launched MiCA-compliant stablecoins, EURR and USDR, using Tether’s Hadron tokenization platform, allowing the company to maintain technology partnerships without issuing a MiCA-approved stablecoin itself.

Elsewhere in Europe, 37 banks including BNP Paribas and ING are developing a common euro stablecoin known as Qivalis, according to the report. The project seeks to provide a regulated euro-denominated alternative as financial institutions increase their participation in the digital asset market.

Recent exchange data also points to changing user behavior beyond Europe. As previously reported by crypto.news, Bybit and OKX disclosed higher user Bitcoin holdings in their latest Proof of Reserves reports, while USDT balances declined on both platforms, suggesting some users are holding less stablecoin liquidity.

In a separate crypto.news report, India’s USDT premium climbed above 8.5% after enforcement action against crypto remittance firms disrupted domestic supplies of the stablecoin, highlighting how regional regulations continue to reshape USDT markets in different ways.

Key Highlights

• Security Matters shares advanced 6.90% following increased interest in its verification technology.

• The company’s digital passport system connects plastic materials with authenticated documentation.

• Stricter U.S. recycling regulations are driving demand for robust verification infrastructure.

• Security Matters focuses on supply-chain transparency, regulatory compliance, and material authentication.

• Authenticated recycled plastics could achieve competitive parity with virgin materials.

Security Matters (SMX) stock advanced 6.90% to reach $14.33 following the opening bell, driven by heightened interest in its recycling authentication technology. The stock experienced early gains, softened briefly, then held steady near peak levels. This movement came as investors focused on the company’s material verification platform and evolving U.S. recycling regulations.

SMX (Security Matters) Public Limited Company, SMX

Security Matters Advances Recycling Authentication Technology

SMX has centered its business model on verification-driven recycling rather than general environmental messaging. The company’s Digital Material Passport Platform creates connections between physical plastics and protected digital documentation. Consequently, plastic materials can carry information about source, composition, handling history, lifecycle phase, and regulatory alignment.

The firm employs molecular tagging to establish permanent material identification. This methodology enables brands, producers, and oversight bodies to authenticate recycled plastic throughout every phase. Recycled components can progress through distribution networks supported by enhanced documentation and transparent oversight.

Growing media coverage has elevated Security Matters’ visibility within the recycling technology sector. Numerous prominent publications featured its contributions to plastic authentication and data-driven environmental solutions. The organization’s primary emphasis continues to center on regulatory alignment, supply-chain transparency, and quantifiable recycling results.

Tightening U.S. Regulations Drive Verification System Adoption

The American recycling sector has transitioned toward more rigorous verification requirements. Individual states persistently broaden regulations covering recycled content mandates, collection programs, and producer responsibility frameworks. Consequently, organizations require more definitive documentation when reporting or substantiating environmental commitments.

Corporations encounter intensified oversight as regulatory authorities examine sustainability assertions more thoroughly. Producers require validated information before establishing pricing, purchasing, funding, or disclosing recycled material usage. Municipal governments demand stronger confirmation that collected plastics return to beneficial applications.

SMX addresses this requirement through authentication systems, passport documentation, and compliance-oriented analytics. The platform facilitates recycled-content validation, custody chain records, origin tracking, and lifecycle reporting. Collectively, these capabilities transform scattered recycling assertions into organized datasets.

Security Matters Connects Material Documentation With Market Value

Security Matters’ operational reach extends nationally and touches multiple recycling system components. The organization integrates physical marking, digital documentation, compliance analytics, and marketplace functionality. Accordingly, the platform can facilitate sourcing, capital access, plastic credit systems, and brand authentication.

The firm additionally advances its Plastic Cycle Token and recycled plastic registry framework. These instruments seek to align validated recycling operations with quantifiable financial value. Subsequently, certified materials can compete more effectively against virgin feedstock.

SMX has articulated this transformation through its Age of Parity initiative. The initiative contends that authenticated recycled plastic can emerge as a viable economic alternative. As supply constraints and regulatory pressure intensify, Security Matters presents its verification platform as essential recycling infrastructure.

“Large groups of large companies coordinate poorly, have misaligned incentives, slow things down and rarely create the space for real durable innovation,” he wrote.

Test for the consortium model

That skepticism is shared by Lorenzo Valente, director of digital asset research at ARK Invest, who noted that crypto has seen several consortium-backed stablecoin initiatives over the years, including Meta’s Diem project and Paxos-led Global Dollar Network.

“Every year we get our consortium-style initiative around a stablecoin,” Valente wrote in an X post. “While the set of players here is obviously potent, I remain highly skeptical any of these initiatives can hit scale.”

He said Open Standard’s biggest challenge may be coordinating more than 140 participants with competing interests.

“A consortium of hundreds of rivals has no precedent for working,” he said. “The pace of decision-making across competitors is going to be glacial.”

Valente likened the model to decentralized autonomous organizations, or DAOs, whose governance structures often struggled to make timely decisions.

“‘Owned by everyone’ almost always means accountable to no one,” he said. “I’d bet on the two operators who can ship unilaterally over a committee that has to ask hundreds of rivals for permission.”

He also questioned whether large banks, payment networks and technology companies would remain committed if the project encounters regulatory pressure. Circle and Tether, he noted, have spent years building global regulatory infrastructure and licensing, while a consortium could find it harder to stay aligned if conditions become more challenging.

Coinmetro, an Estonian-based cryptocurrency exchange, has claimed that it has filed “a reorganisation application to the Estonian court.”

In its announcement, it states that this is required because of “an extraordinary situation caused by a failure of one of our financial service providers.”

It further claims that it had already suspended user registrations, deposits, and withdrawals back on June 22.

Interestingly, in the Estonian register both Coinmetro OÜ and Coinmetro Group OÜ are past due on annual reports. Coinmetro Group OÜ is also listed as having a tax debt.

The announcement didn’t disclose which financial service partner led to this failure, and Coinmetro has yet to respond to Protos’ questions regarding that issue.

During a YouTube based “Ask Me Anything” with Coinmetro Chief Executive (and beneficial owner) Kevin Murcko, he claimed that it was actually more than one provider that failed, despite the announcement only claiming one.

He also claimed that there was a multi-year internal investigation, suggesting that this failure happened well before this current announcement.

Additionally, he stated that he originally believed that Coinmetro’s balance sheet was strong enough that this wasn’t originally material, but has become material as Coinmetro has approached the July 1 licensure deadline for compliance with Markets in Crypto Assets regulations.

Prime Trust

The Prime Trust bankruptcy estate (PCT Litigation Trust) filed an adversary proceeding against Coinmetro in August of last year.

This proceeding attempted to clawback withdrawals made in the days immediately preceding bankruptcy.

This proceeding claims that Prime transferred $1,205,751.10 to Coinmetro in the days before Prime’s failure.

Read more: Prime Trust accused of using customer funds to cover lost deposits

The mistakes and fraud committed by Prime apparently make it extraordinarily difficult to determine who was owed which funds from Prime Trust.

This means that Coinmetro didn’t necessarily withdraw more funds than it deposited because of the failure, and Prime Trust is trying to clawback many of the withdrawals from the final days.

Protos reached out to Coinmetro for comment, but it didn’t respond before publication.

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U.S. President Donald Trump has defended the financial gains disclosed in his latest filings after records showed he earned at least $1.4 billion from crypto-related ventures, while market expectations for the CLARITY Act’s passage this year have weakened.

According to Trump’s remarks to reporters before departing for a trip, the president attributed his investment gains to the strong performance of the stock market rather than to any personal trading decisions. He said his finances are managed by investment funds and added that he is not directly involved in making investment decisions.

The comments came shortly after financial disclosures for 2025 showed Trump reported more than $1.4 billion in income tied to cryptocurrency ventures. According to the filing, much of that income came from licensing agreements connected to the TRUMP meme coin and sales of the World Liberty Financial (WLFI) token.

Although the filing detailed substantial crypto earnings, Trump did not address those revenues directly in his remarks. Instead, he pointed to the stock market rally and noted that many investors had benefited from rising asset prices. His comments also followed speculation in recent weeks that he has been actively trading through investment accounts, although he stated that outside fund managers oversee those assets.

The Trump administration has also maintained investments outside the crypto sector. Among them is Intel, whose shares have risen sharply since the administration disclosed its position in the company.

Political scrutiny has intensified around Trump’s crypto business

The latest disclosure arrives as lawmakers continue debating ethics rules tied to digital asset legislation in Congress.

According to Polymarket data, the probability of President Trump signing the CLARITY Act into law in 2026 has fallen to 39%, indicating traders now see a lower chance of the market structure bill clearing Congress this year.

The disclosure has also renewed criticism from Democratic lawmakers. Following the release, Senator Elizabeth Warren argued that the legislation should include safeguards preventing Trump and his family from continuing to profit from crypto while federal digital asset policy is under consideration.

As previously reported by crypto.news, Senate Democrats recently requested hearings into a reported $500 million investment in World Liberty Financial linked to the United Arab Emirates. The lawmakers questioned whether the transaction had any connection to later U.S. policy decisions involving arms sales and expanded AI chip access for the UAE.

The newly released financial filing adds an official record to that debate by showing crypto generated more reported income for Trump in 2025 than the business segments most closely associated with his personal brand.

Some officials still expect crypto legislation to advance

Despite weakening prediction market odds, several policymakers continue to express confidence that digital asset legislation can still move forward before the end of the summer.

As previously reported by crypto.news, Congress faces a limited legislative window before the Senate begins its recess, leaving the CLARITY Act with only a short period to advance. The timing has become more important as negotiations continue over whether an ethics provision should be included in the final legislation.

Separately, Hester Peirce has maintained an optimistic outlook. According to her recent comments, the U.S. Securities and Exchange Commission commissioner believes Congress can still pass the CLARITY Act during the summer, even as political disagreements over ethics rules continue.

Bitcoin BTC$60,057.88 climbed back toward the $60,000 level on Wednesday after Federal Reserve Chair Kevin Warsh said inflation risks had eased while reaffirming the central bank’s commitment to returning inflation to its 2% target.

Warsh declined to provide guidance on the Federal Reserve’s next interest-rate decision, saying policymakers would debate incoming data at their meeting in four weekds, during a panel discussion at the European Central Bank’s annual forum in Sintra, Portugal.

Instead, he emphasized that the Fed remained focused on price stability.

“Inflation risks have come down,” Warsh said. “If there were people in households or the business sector, in the financial markets, who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they’d be disappointed. We’re going to deliver price stability in the U.S.”

Bitcoin pared earlier losses to trade back around the $60,000 level, an increase of more than 2% over the past 24 hours, according to CoinDesk Data.