Crypto World
Why tokenized SpaceX shares ran into allocation limits before retail investors could buy them
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How the $1B SpaceX offering exposed crypto’s blind spot
For retail investors shut out of private markets, tokenized SpaceX shares offered an unusual route into one of the world’s most coveted private companies. The blockchain-based tokens allowed investors to seek exposure without a conventional brokerage account and before any potential public listing.
Then practical limits got in the way.
In June 2026, xStocks indicated customer demand had surpassed $1 billion for tokenized SpaceX shares. Crypto platforms such as Bybit, Binance Wallet and Bitget Wallet highlighted access to the offering, creating considerable excitement among users keen to obtain exposure to Elon Musk’s aerospace venture.
Several investors ultimately secured no allocation.
A number of platforms withdrew their initiatives and returned funds after being unable to obtain the necessary underlying SpaceX shares to support the tokens. The incident quickly became a significant practical test for tokenized equities. It highlighted a core reality in blockchain-driven investment: Tokenization may convert ownership into digital form, yet it cannot generate assets that are unavailable.
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The outcome of the tokenized SpaceX share offering
A potential SpaceX Initial Public Offering (IPO) had long been expected to draw attention. The aerospace firm sits at the center of several major trends: commercial space travel, Starlink satellite connectivity, defense technology and Elon Musk’s global profile. Many investors had sought a direct stake for years.
To address this interest, xStocks introduced SPCXx, a tokenized representation of SpaceX shares. The product aimed to offer blockchain-based exposure to the company, allowing trading through crypto platforms instead of standard brokerages.
Demand surged sharply.
Reports indicated that subscriptions topped $1 billion before final allocation decisions. Binance Wallet alone reportedly drew more than half a billion dollars in commitments. Participants saw the opportunity as a rare way to gain exposure to one of the world’s most valuable private companies.
Then allocations were announced.
Several platforms involved said they had not obtained the required underlying shares to support token issuance. Without actual shares to back the product, the tokenized offering could not move forward.
This led to widespread cancellations and refunds.
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How tokenized stocks work
Tokenized stocks are blockchain-based versions of traditional equity holdings. Rather than buying shares through a standard brokerage, investors purchase digital tokens that represent ownership or an economic interest tied to real shares held off-chain.
The process usually works as follows:
- A regulated custodian obtains the actual shares.
- A tokenization provider creates blockchain tokens backed by those shares.
- Investors buy and trade the tokens.
- The token’s value is designed to track the performance of the underlying stock.
The potential advantages are clear, although they come with important trade-offs.
Tokenized equities offer around-the-clock trading, global access, fractional ownership and easier use with crypto wallets and decentralized finance tools.
For investors in regions with limited access to US financial markets, tokenization offers a possible route to assets that were previously difficult or impossible to reach.
Did you know? The idea of tokenized securities predates blockchain. Financial institutions experimented with digital versions of stocks and bonds for decades, but blockchain made global, peer-to-peer ownership transfers easier and more transparent.
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How xStocks planned to give investors SpaceX exposure
The SPCXx offering was built on a straightforward idea. For each token created, xStocks would obtain corresponding SpaceX shares to serve as collateral for the digital assets traded by participants.
From the investor’s standpoint, the process seemed simple. Users transferred funds, joined the subscription and expected to receive tokenized SpaceX exposure after allocation decisions.
The structure had special appeal because many retail participants believed tokenization could expand access to select IPOs historically reserved for institutional players and high-net-worth individuals.
What many overlooked was that the tokenization process still required genuine shares to be secured before the tokens could be issued.
This dependency became the decisive limitation.
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Why demand outpaced available supply
The problem was not tokenization itself. It was the shortage of actual SpaceX shares needed to back the tokens. When investor interest in a company is exceptionally strong, only a finite number of shares can be distributed. Not every investor can receive the amount they want.
Traditional IPOs regularly face this constraint. Brokerages often receive fewer shares than clients request. Institutional investors compete aggressively for allocations. Retail investors often receive smaller stakes or no allocation at all.
The SpaceX case intensified this pattern.
Through blockchain infrastructure, xStocks greatly expanded the base of interested buyers. Tokenization extended participation beyond a limited group of brokerage clients to a global crypto audience.
Demand expanded sharply, while supply remained limited. The actual shares remained governed by traditional equity market restrictions. This gap ultimately became impossible to overcome.
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Why tokenization cannot create shares that do not exist
A common misconception about tokenized stocks is that blockchain somehow removes scarcity. But that is not true.
Blockchain can improve settlement, broaden access and make trading more efficient. It can digitize ownership records and support fractional holdings. It cannot, however, create extra legal ownership in a company.
Each properly backed tokenized share requires a matching underlying asset. If a tokenization provider cannot acquire the shares, it cannot issue valid tokens.
This matters because tokenization is often presented as a major solution to limits in financial markets.
The SpaceX episode showed that some constraints still exist in the real world. No amount of blockchain technology can create more SpaceX shares when supply has run out.
Did you know? SpaceX remains one of the most actively traded private companies in secondary markets. Employees, early investors and venture funds often trade shares privately, creating an active private secondary market before the company’s public listing.
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What went wrong for Bybit, Bitget Wallet and other partners
The challenges faced by partner platforms also point to another key issue in tokenized finance: reliance on long operational chains.
Bybit, Bitget Wallet, Binance Wallet and other distribution partners did not have direct control over the allocation process. Instead, they relied on xStocks and other infrastructure providers to acquire the underlying shares.
Once those shares were not available, the full distribution network stopped. Users often believed they were dealing directly with the asset itself.
Several intermediaries operated behind the arrangement:
- The tokenization provider
- The custodian holding the shares
- The allocation source
- The exchange or wallet distributing access
If any part of that sequence breaks, the overall user experience can suffer as well. In this case, the disruption happened before any tokens were issued.
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How refunds protected users but exposed platform risks
To their credit, participating platforms generally processed refunds without delay. Some went further by offering additional compensation, rewards or fee refunds to reduce the setback.
Financially, most customers avoided direct losses. From a reputational standpoint, however, the situation was more complicated. Investors learned that advertised “access” did not mean guaranteed participation.
Many had viewed promotional efforts as confirmation that shares would become available. The cancellations made clear that acquiring inventory remained uncertain until final allocations were completed.
This lesson could shape how investors assess future tokenized offerings. Trust is one of the most important elements in financial markets, and cases like this can weaken it even when refunds are issued.
Did you know? Fractional ownership is not unique to crypto. Traditional brokers have offered fractional shares of expensive stocks such as Amazon and Berkshire Hathaway for years, allowing investors to buy part of a share rather than a whole unit.
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Tokenized shares vs. conventional shares
A further takeaway from the SpaceX case concerns clarity over what tokenized shares actually represent. Many investors assume that buying a tokenized stock is the same as holding a standard share.
That is not always the case.
Depending on the structure, token holders may not receive:
- Voting rights
- Direct shareholder communications
- Participation in corporate governance
- Certain shareholder privileges
Instead, tokenized products may provide economic exposure to price movements rather than full legal shareholder status. This difference becomes especially important during corporate events, mergers, dividends or regulatory issues.
Investors should review the legal framework behind any tokenized equity offering before committing funds.
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Key risks retail investors should understand
The SpaceX episode brought several risks into sharper focus. These risks go beyond this particular offering:
- Allocation risk: Popular assets often draw more demand than the available supply.
- Counterparty risk: Investors rely on issuers, custodians, exchanges and tokenization providers.
- Regulatory risk: Rules for tokenized equities continue to change across many jurisdictions.
- Liquidity risk: Trading activity can vary sharply from one product to another.
- Redemption risk: Investors need clarity on how tokens can be redeemed and what rights come with ownership.
None of these risks are unique to tokenized finance. However, the blockchain format can sometimes make them less obvious to investors with limited experience.
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What the SpaceX episode reveals about tokenized equities
Although the effort fell short, the wider lesson may still be encouraging for the tokenization sector. Demand above $1 billion showed strong investor interest in blockchain-based access to traditional assets.
The market clearly wants tokenized equities.
Participants like the idea of managing stocks through crypto wallets. They value around-the-clock trading, global reach and lower entry barriers.
The difficulty lies in reliably linking that interest to actual assets in the real economy.
Future tokenized offerings could benefit from:
- Stronger sourcing agreements
- More transparent allocation processes
- Better disclosure of inventory limits
- Clearer explanations of investor rights
The underlying technology largely worked as planned.
What fell short was the ability to obtain enough of the underlying asset.
The US dollar’s rise to a 13-month high is weighing on metals. That has changed the debate around gold, silver, and copper heading into the end of 2026. The key question is which metal can withstand the pressure best.
Because these commodities are priced in dollars, a stronger greenback makes them more expensive outside the US. That puts gold, silver, and copper under the same pressure. The real separation now shows up in the ratios, weekly charts, and bank forecasts for year-end prices.
The Rising US Dollar Index is Pressing Commodities
The starting point for every metal right now is the dollar. The US Dollar Index (DXY), which measures the dollar against a basket of major currencies, has pushed above 100 to a 13-month high.
A stronger dollar makes dollar-priced commodities costlier for the rest of the world, which weighs on gold, silver, and copper. The same force has cooled risk appetite across crypto and stocks.
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The driver is the rate path. With the Federal Reserve seen holding rather than cutting in 2026, real yields stay firm, and the dollar stays bid, which is the headwind behind the recent metals pullback.
With the DXY chart looking strong (bullish rising channel) and rate hikes back on the table, the case for a weaker dollar near term looks thin. That headwind affects the entire metals complex, bringing the focus back to which one holds up best.
The Metals Move as One, So Leadership Is the Real Question
The three metals are pulling in the same direction. Over the past six months, gold (XAU/USD) and silver (XAG/USD) show a correlation of 0.83; silver and copper, 0.72; and gold and copper, 0.61.
Correlation measures how closely two assets move together, where 1.0 is lockstep, and 0 is no link. Readings this high mean one shared trade, not three separate bets.
So the gold, silver, and copper forecast comes down to relative strength inside the complex, not to calling one metal up and another down. The ratios and the weekly charts decide it.
Gold sets the tone for the group, so it is the place to start.
Gold Holds a Falling Channel With Banks Far Apart
(XAU/USD) has traded inside a falling channel since late January, when it peaked near $5,608. A falling channel is a downward drift between two parallel trendlines. Price tried to rebound on March 23, pushed higher, then rolled over again.
On the weekly chart, the line that matters is $4,027. Gold should hold above it. A weekly close under $4,027 opens the door toward $3,249, the prior breakout shelf.
To rebuild strength, gold needs to reclaim $4,400, and a move back above $5,004 would turn the weekly trend constructive again.
The bank split is wide. Goldman Sachs analysts Lina Thomas and Daan Struyven cut their year-end target to $4,900 on June 19, on the view that the Federal Reserve may not cut rates in 2026. JPMorgan sees $6,000 by year end despite the crowded bearish positioning.
Silver shares gold’s bearish pattern, but its chart hides a second setup.
Silver Tracks Gold but Builds a Double Bottom
(XAG/USD) sits in the same falling channel, which the high correlation supports. Underneath it, a double bottom is taking shape, a pattern where price carves two similar lows and hints at a base.
The first hurdle is $66.53, which has already been rejected once. The level that matters is $75.36. A weekly move above the $75 zone would break the falling channel and turn the bias bullish.
The downside is clear if it fails. Under $59.40, the next stops are $52.27 and then $42.12. A larger trigger sits at $89.62, which would complete the double bottom and project a move of roughly 46%, though that is far off.
The fundamentals are supportive. The Silver Institute forecasts a sixth straight annual market deficit in 2026, near 215 million ounces, and the largest on record. Six straight years of deficit means the market is leaning on above-ground stock to fill the gap, a slow squeeze that supports silver over time.
Copper is the other half of silver’s story, the industrial pull, and right now, copper is the AI trade.
AI Trade Highlights Copper, Its Strengths and Problems
Copper has been in a rising channel since 2024. It came close to breaking above that channel on May 11 and again on June 1, where a double top is now forming, a pattern of two failed highs that warns of exhaustion.
The structural case is the AI build-out. Goldman Sachs Research expects data-center power demand to rise about 165% by 2030, and sees grid and power infrastructure driving more than 60% of copper demand growth this decade, at roughly 6 to 8 tonnes of copper per megawatt of capacity.
So why has copper stalled just under its breakout? The AI trade has wobbled, and data-center policy risk has taken some heat out of the ascent. It shows up in the targets. Bank targets now straddle copper’s record price.
JPMorgan’s full-year 2026 average near $12,075 a tonne sits just below it, Goldman recently lifted its year-end call to about $13,735, and Citi is the highest near $15,000.
On the chart, copper needs to hold $6.12. Under it, expect a slip toward $6.04. A weekly break above $6.47 brings $6.68 and then $7.02 into play. The $6.68 level would confirm the real breakout.
In the per-pound terms the chart uses, the targets straddle copper’s current $6.16. JPMorgan’s 2026 average near $5.48 sits below it, Goldman’s raised year-end call near $6.23 is right at it, and Citi is the highest near $6.80, just above the $6.68 breakout.
The ratios between the metals show how this tension is resolving.
The Ratios Tell You Who Is Leading
Three ratios frame the macro tape. The gold-silver ratio has climbed from about 44 in January to 66 now. That is a risk-off tilt favoring gold, though 66 is not yet extreme enough to scream silver is cheap.
The gold-oil ratio has risen from about 41 on May 19 to 56, a stress reading where gold is strong and oil is weak.
The silver-copper ratio cuts the other way. It has fallen from about 19 in January to 10, with copper leading, a classic industrial-demand signal.
That is the core tension. Gold and oil say risk-off, silver and copper say industrial growth, and silver gets squeezed between the two regimes.
Put together, the three charts point to a clear pecking order into year-end.
The Gold, Silver, and Copper Forecast Into End-2026
Copper is the structural leader. The AI and grid demand story is the strongest multi-year case of the three, but the chart has stalled at a double top, and most 2026 bank targets imply a near-term pullback from record levels.
Gold is the macro anchor. It carries the widest bank disagreement, a $1,100 gap between Goldman at $4,900 and JPMorgan at $6,000, and it leads only if stress and rate cuts dominate.
Silver is the high-beta wildcard. It lags both, yet a record supply deficit and a building double bottom give it the most catch-up room if either the macro or the industrial bid strengthens.
The dollar is the switch. So while the DXY holds above 100, the complex stays capped, and copper’s $6.12 is the line that separates a fresh AI-led leg higher from a double-top unwind that pulls silver and gold down too. All thanks to the positive correlation between the three.
The post Gold, Silver or Copper: Which Commodity Looks Best Heading into the End of 2026? appeared first on BeInCrypto.
The House Financial Services Committee has scheduled back-to-back hearings on July 14 and July 17, one covering Federal Reserve monetary policy, the other focused directly on the CLARITY Act. This is giving supporters of comprehensive crypto regulation their highest-profile platform yet as the pre-recess window narrows.
As of today, the bill has cleared the Senate Banking Committee, been placed on the Senate legislative calendar, and attracted a House fast-track commitment if the Senate moves first. None of that changes the core arithmetic: the CLARITY Act needs 60 votes on the Senate floor, and Republicans currently hold 53 seats.
Senator Cynthia Lummis, the Wyoming Republican leading the Senate push, has set the end of July as a hard deadline. She also warns explicitly that missing the pre-recess window could delay enforceable digital asset market structure rules until 2030.
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The 60-Vote Clarity Act Problem
The gap between “placed on the Senate legislative calendar” and “signed into law” runs through a specific procedural bottleneck. Invoking cloture to cut off debate requires 60 votes; with a 53-seat Republican majority, the CLARITY Act needs at least seven Democratic crossovers. The Senate Banking Committee vote on May 14 produced only two Democratic votes from Ruben Gallego and Angela Alsobrooks, and it is leaving five or more additional Democratic senators to be secured before a floor vote can succeed.
A bipartisan ethics provision in the bill has been fracturing Democratic support further, and Fox Business reporter Eleanor Terrett described the original White House target of July 4 as “logistically impossible” before the date even arrived. Galaxy Research has pegged passage odds at roughly 60% and notes that the window “effectively closes” once the August recess begins.
Even if the Senate floor vote clears 60, the bill would then require reconciliation with the version the House passed in July 2025 by 294–134. Rep. Dusty Johnson pledged on June 18 that the House would act “swiftly” on any Senate text, compressing that step, but reconciliation differences still have to be resolved before the bill reaches the president’s desk.
If this misses the pre-recess window, the next viable legislative opening is 2027 at the earliest, with some analysts pointing further out. The same credible basis for Lummis’s 2030 warning.
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July 14 and July 17: What To Expect?
The July 14 session before the House Financial Services Committee is formally structured around the Federal Reserve’s semi-annual Monetary Policy Report. However, its market significance extends further. It is reported that Kevin Warsh will deliver his first congressional testimony as Fed Chair, making it the first opportunity for lawmakers to publicly interrogate the new leadership’s posture on rate policy, dollar strength, and the regulatory perimeter around financial innovation.
For crypto markets, Warsh’s framing of digital assets, whether he treats them as a monetary policy variable or a separate regulatory question, will carry weight heading into the CLARITY Act hearing three days later.
The July 17 hearing moves the focus explicitly to the CLARITY Act and digital-asset innovation, with the notable detail that it is being held in New York rather than Washington. That venue choice is deliberate: New York is the largest U.S. financial center, and holding the hearing there anchors the bill’s stakes to institutional finance rather than abstract legislative process. Exchanges, custody providers, and capital markets participants concentrated in the city represent the economic constituency that regulatory uncertainty is actively costing.
Together, the two hearings give the bill’s backers a sequenced argument: monetary policy context on the 14th, market-structure specifics on the 17th. The CFTC’s expanded role under the bill, and the digital asset market structure framework it would codify, will be front and center at the New York session. The hearing is a narrative event. The execution event is the floor vote that has to follow it.
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The European Parliament has advanced legislation for a digital euro, bringing the EU closer to launching a central bank digital currency, while the U.S. moves to restrict similar efforts.
Summary
- EU lawmakers backed digital euro legislation, moving the ECB closer to a potential 2029 launch.
- The ECB says the digital euro would complement cash and reduce reliance on foreign payment networks.
- Meanwhile, the U.S. Senate approved a bill that would block the Federal Reserve from issuing a CBDC until 2030.
According to a June 23 decision by the European Parliament’s Economic and Monetary Affairs Committee, lawmakers backed the proposed framework for a digital euro, a key step in the legislative process that could pave the way for a launch by 2029.
The vote arrives as European policymakers examine the region’s dependence on foreign payment infrastructure. Data cited by the European Central Bank shows that Visa and Mastercard handle 61% of card payments in the euro area and nearly all cross-border card transactions.
European officials have argued that a digital euro could strengthen the bloc’s payment system by providing a public digital payment option issued directly by the ECB. Under the proposal, consumers would hold digital euros in dedicated wallets, while banks and payment providers would offer services connected to the system.
The digital euro remains under development
Within the proposed framework, the ECB would operate the core infrastructure while financial institutions would manage customer-facing services. According to the proposal, the system could support both online and offline payments and include privacy safeguards for users.
Holding limits for digital euro wallets have not yet been finalized and remain part of ongoing negotiations among European institutions.
European authorities have repeatedly stated that the digital euro is intended to complement physical cash rather than replace it. Following the committee vote, the ECB welcomed the outcome, stating that the European Parliament’s position supports both the preservation of euro cash as legal tender and the development of a digital version of the currency.
Although the ECB has warned that stablecoins could create risks for the financial system, the central bank has continued to support the digital euro project as part of its long-term payments strategy.
Elsewhere in Asia, central banks are also exploring digital finance initiatives. As reported by crypto.news, Bank of Korea Governor Shin Hyun-song said in his inaugural speech in April that the central bank would support innovation in blockchain-based finance while maintaining the stability of South Korea’s payment and settlement systems. He added that the bank would work to strengthen the role of the Korean won in an increasingly digital financial environment.
U.S. lawmakers take the opposite route
While Europe advances work on a central bank-issued digital currency, policymakers in the U.S. are pursuing a different approach.
The U.S. Senate recently approved the 21st Century ROAD to Housing Act in an 85-5 vote. Included in the legislation is a provision that would prevent the Federal Reserve from creating a CBDC or a similar asset before the end of 2030.
The Senate’s position aligns with President Donald Trump’s support for privately issued stablecoins rather than a Federal Reserve-backed digital currency.
At the same time, U.S. lawmakers continue to work on crypto-specific legislation. The CLARITY Act, which seeks to establish a clearer regulatory framework for digital assets, remains under consideration as Congress debates the future structure of the country’s crypto market.
The U.S. Senate has approved a sweeping bipartisan housing bill that bans the Federal Reserve from issuing a CBDC until 2030.
The bill passed by a strong 85-5 vote and awaits action in the House, where leadership and committee members reportedly plan to advance it quickly.
CBDC Ban Advances Through Housing Package
The housing package is designed to make homes more affordable and reduce competition from corporate firms. Interestingly, one of its provisions prevents the Fed from issuing a U.S. central bank digital currency (CBDC) for up to 4 years.
“Agreed to, 85-5: Motion to concur in the House amendment to the Senate amendment to H.R.6644, 21st Century ROAD to Housing Act,” wrote the Senate.
Lawmakers were said to be considering a fast track that could see the bill signed into law as early as Tuesday, with House Financial Services Committee Chairman French Hill saying he “looks forward to the House moving quickly to advance this bill to President Trump’s desk.”
Senate Chair Tim Scott added that it is time for the American people to get real relief, and Ranking Member Elizabeth Warren called it the biggest housing bill in over 30 years.
The latest development follows months of negotiation, during which the Senate first added the anti-CBDC provision in March, after which the House cleared the amended version in May.
President Donald Trump signed an executive order in January 2025 banning his administration from creating a CBDC, citing concerns that it would threaten the U.S. financial system and individual privacy. However, because this would only apply under his tenure, his allies in Congress pushed to include the restriction in the unrelated housing bill.
House Schedules July CLARITY Act Hearing
As lawmakers prepare for key meetings over the next few weeks, momentum is building around the CLARITY Act. The House Financial Services Committee said it will hold a hearing in New York on July 17 to look at the impact the legislation will have on financial innovation.
Senator Cynthia Lummis has been one of the biggest supporters of the proposal, often taking to social media to urge lawmakers to act faster. In her latest commentary, the Republican warned that regulatory uncertainty has driven talented developers overseas.
But there have been serious repercussions for others, like Tornado Cash developer Roman Storm, who was found guilty of knowingly transmitting more than $1 billion in criminal proceeds. The DOJ also pushed for a retrial after the jury deadlocked on charges of money laundering and sanctions violations.
The post US Senate Clears Housing Bill That Also Halts CBDC Push appeared first on CryptoPotato.
But Slavin said firms appear reluctant to wait. “Even though the regulations and the rails aren’t fully ready yet, they want to get products out,” he said.
Wall Street believes that blockchain networks could eventually become a new distribution channel for traditional investment products. Tokenized funds could allow investors to hold and transfer fund shares around the clock, potentially reducing settlement times and expanding access to global investors.
One concern emerging for fund issuers, according to Slavin, is that tokenized versions of well-known ETFs are already trading on platforms outside traditional financial markets, often without direct involvement from the fund sponsors themselves.
“There are ETFs, like hundreds of them, that are trading in unregulated markets around the world,” he said.
Because anyone can theoretically create a tokenized representation of a publicly traded fund, issuers face the prospect of products bearing their names circulating beyond their oversight.
“It’s opaque,” he said. “It effectively creates a reputation risk, even though it’s not at all affiliated, frankly, with the asset manager.”
That dynamic has become a growing topic of discussion among BNY’s asset-management clients as they evaluate their own tokenization strategies. Similar to the early days of bitcoin and crypto trading, the technology is evolving faster than the rules governing it.
Cardano (ADA) network activity barely changed after the Leios Musashi Dojo testnet went live on June 23, with daily transactions flat and active addresses near four-month lows.
The launch marks a major step for Cardano’s scaling plan. Yet the on-chain data and social signals tell a more cautious story about whether users have noticed.
The Testnet Barely Moved Cardano’s Network Activity
The headline event did little to the chain itself. Daily transactions held near 25,000, in line with the past three months, with no lasting lift after the testnet went live. The testnet is the first live trial of a scaling upgrade built for far higher throughput, a step toward a planned 2026 mainnet.
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The one clear surge came on June 4 and 5, when transactions jumped above 60,000. That spike lined up with a sharp sell-off, so it appears to reflect liquidation activity rather than fresh adoption.
Cardano active staking addresses tell a softer story. The count of distinct staking accounts transacting each day fell to about 5,000 on June 21, a 120-day low, against a 7,000 to 8,000 norm earlier in the window.
Fewer active accounts points to thinner everyday demand, which suggests the upgrade buzz has not drawn users back.
Note: That figure uses Dune’s stake-address method, so it runs lower than broader trackers that count every payment address. The direction, not the absolute level, is the point.
So the network looks quiet, but ADA on-chain data is only one lens. Crowd mood often moves first.
Social Sentiment Still Leans Positive
Cardano sentiment has held up better than the price slump would suggest. Santiment’s positive sentiment score sits at 8.29, against a negative score of 3.13, so optimism still outweighs fear by more than two to one.
Positive sentiment also spiked toward 30 during the testnet launch, far above the negative readings over the same stretch. The crowd appears to still see a reason for patience.
Sentiment is a soft signal, however. Money flows show whether that optimism comes with conviction.
Exchange Outflows Point to Accumulation, but Fading
The ADA exchange outflows trend has stayed constructive. Spot exchange netflow, a metric that tracks coins moving onto and off exchanges, has printed a net outflow every week since early May.
Net outflows usually suggest holders are moving coins into self-custody, a pattern often read as quiet accumulation. There has not been a single week of net inflow since mid-May, which would point to building sell pressure.
But the catch is the size. Weekly net outflows shrank from about $27 million in mid-May to just $4.53 million for the week ending June 22, a drop of more than 80%.
So the buying pressure is still there, aligning with the positive sentiment, but it is thinning fast. That tension defines where Cardano stands now.
What Cardano’s Network Needs Next
The contrarian read is simple. A landmark testnet arrived, and the chain barely reacted. Leios is a promise aimed at a late-2026 mainnet, not a switch that lifts demand today. For now, Cardano network activity is flat, addresses are sliding, and the catalysts that matter are still months away.
The hope is real but thin. Positive sentiment and steady, if shrinking, exchange outflows suggest holders have not given up, even as the latest Cardano news cycle failed to spark usage. Sustained growth in active addresses separates a real Leios-driven revival from a network still trading on promise.
The post Cardano Launched Its Biggest Upgrade in Years: What Does Network Activity Say? appeared first on BeInCrypto.
SBI Holdings is approaching a major milestone in its digital asset strategy as its yen-backed stablecoin project nears launch. The initiative remains within its targeted second-quarter rollout window, while final regulatory approval remains pending. If authorities grant clearance, the stablecoin will enter the market under the ticker JPYSC.
The project marks another step in Japan’s regulated stablecoin sector. Moreover, it highlights SBI Holdings’ broader push into blockchain-based financial services. The launch also strengthens the company’s growing presence across digital payments, tokenization, and cross-border settlement.
SBI Holdings Moves Closer to JPYSC Market Debut
SBI Holdings developed the stablecoin project together with Startale Group. The partners announced the initiative in February and continued preparations throughout the year. However, regulators must complete the final approval process before issuance begins.
The companies structured JPYSC under Japan’s trust-bank framework. Consequently, Shinsei Trust & Banking will support the issuance structure once approval arrives. Meanwhile, SBI VC Trade is expected to oversee distribution activities following the launch.
The stablecoin aims to connect traditional financial infrastructure with blockchain networks. Therefore, businesses could gain access to more efficient payment and settlement options. The project also aligns with Japan’s regulatory framework for digital payment instruments.
SBI Holdings and Startale agreed to pursue the stablecoin initiative after forming a partnership involving Ripple. Their plan focused on building a digital yen solution for regulated blockchain transactions. At the same time, the companies prioritized compliance with Japanese financial standards.
The project differs from many offshore stablecoin models. Instead, it follows domestic regulatory requirements designed for institutional use. As a result, the structure may support larger transactions and broader enterprise adoption.
Industry attention remains focused on the framework supporting JPYSC. The design targets corporate payments, tokenized assets, and settlement activities. Furthermore, it seeks to bridge conventional banking systems with blockchain-based networks.
Stablecoin Expansion Supports SBI’s Digital Asset Strategy
SBI Holdings recently expanded its stablecoin activities through a partnership with fintech company Fasset. The collaboration integrates stablecoin-powered remittance services into SBI Remit operations. Consequently, SBI gains access to infrastructure handling significant transaction volumes.
The agreement arrived as stablecoins continue gaining traction in cross-border payments. Therefore, the partnership complements SBI’s broader digital finance strategy. It also supports efforts to improve transaction efficiency across international payment corridors.
Beyond stablecoins, SBI maintains strong ties with several blockchain companies. The group continues its long-standing relationship with Ripple through SBI Ripple Asia. Additionally, it has invested in firms including R3 and Securitize.
SBI also partnered with Circle to support USDC distribution in Japan. That initiative expanded access to regulated dollar-backed stablecoins within the country. As a result, SBI strengthened its position in the domestic digital asset market.
More recently, the company increased its focus on tokenization. It entered a collaboration with Chainlink covering real-world asset tokenization and proof-of-reserve solutions. The partnership also includes work on regulated stablecoins and cross-chain infrastructure.
JPYSC Targets Growing Japanese Stablecoin Market
The upcoming launch places JPYSC in direct competition with existing yen-backed stablecoins. Among them, JYPC currently holds a leading position in the market. The project benefited from an earlier launch and established user adoption.
However, SBI enters the market with extensive financial and blockchain experience. The company operates across banking, payments, and digital assets. Therefore, JPYSC could benefit from existing infrastructure and business relationships.
Japan continues advancing its regulated stablecoin ecosystem through licensed frameworks. Consequently, new issuers must meet strict compliance and operational requirements. These standards aim to support stable and secure digital payment systems.
The expected launch of JPYSC reflects that broader regulatory approach. At the same time, it demonstrates increasing activity among major financial institutions. As stablecoin adoption expands, competition within Japan’s digital payments market is likely to intensify.
Crypto World
Chainlink teams up with 47 South Korean, European banks to speed up international money transfers
Project Pangea is designed to work with existing Swift and ISO 20022 banking standards, allowing traditional financial institutions to connect to blockchain-based settlement rails without replacing their payment infrastructure.
Not a Ripple rival
Some industry observers may view the project as a challenge to Ripple’s decade-long push into institutional cross-border settlement, but Chainlink insists its approach is collaborative rather than disruptive.
“I wouldn’t necessarily describe it as a rival,” Ariyasinghe noted. “We’re very much a technology provider. It’s less about creating a unified network from scratch. It’s about applying the technology, finding where that value is, and growing the network organically.”
Ultimately, the goal is to free up trapped capital and modernize international trade corridors.
“If I’m sending money to you and it’s lost in transit for quite some time, you don’t receive it, and that money isn’t able to be used,” Ariyasinghe said. “To reduce that time as much as possible, for customers to access that money absolutely as fast as possible, has to be a good thing.”
By reducing settlement times from days to near real time, participating institutions hope to lower liquidity costs, reduce settlement risk and give businesses faster access to funds tied up in cross-border transactions.
The Ethereum Foundation is reducing its annual budget by roughly 40% and cutting about 20% of its staff as part of a sweeping restructuring intended to turn the nonprofit into a leaner, endowment-based organization. The organization said in a blog post Tuesday that 54 employees are leaving… Read the full story at The Defiant
Key takeaways
- Luxembourg’s financial regulator has granted Ripple preliminary approval for a Crypto Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
- XRP is down by nearly 4% in the last 24 hours and now trades at $1.10 per coin.
Luxembourg regulator grants Ripple CASP green light
Luxembourg’s financial regulator has granted Ripple preliminary approval for a Crypto Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets Regulation (MiCA), the company confirmed on Tuesday.
Once fully approved, the license will enable Ripple to provide regulated crypto services to banks, fintech firms, and other businesses across all 30 countries in the European Economic Area (EEA) through a single regulatory passport system.
The CASP approval expands Ripple’s existing regulatory footprint in Europe. The company already holds an Electronic Money Institution (EMI) license in Luxembourg, which allows it to offer cross-border payment and electronic money services throughout the EEA.
Together, the EMI and upcoming CASP authorization are expected to support a unified infrastructure for crypto asset and stablecoin-based payments across Europe.
The timing of the development is notable, coming just ahead of the July 1 transition deadline, when EU member states begin fully enforcing MiCA regulations.
According to Ripple, the combined regulatory approvals will enable the company to deliver a “full crypto asset and stablecoin payments infrastructure” through a single integration.
The firm also said the approval positions it to expand its broader crypto services across Europe, which it described as one of its most important growth regions.
Cassie Craddock, Managing Director for the UK and Europe at Ripple, said MiCA is already accelerating institutional adoption of digital assets across the region.
Ripple now holds more than 75 regulatory licenses worldwide, reinforcing its push toward regulated global expansion.
In addition to its EU progress, the company also secured a UK license from the Financial Conduct Authority in January 2026, further strengthening its position in key financial markets.
XRP could dip below $1.0 as the market sentiment remains bearish
The XRP/USD 4-hour chart remains bearish and efficient as Ripple has lost 4% of its value in the last 24 hours.
At press time, XRP is trading at $1.10 and could drop lower in the near term. The momentum indicators show that the bulls are in control of the market.
The MACD lines are below the neutral zone, while the RSI of 32 shows that XRP is heading into the oversold territory.
If the bearish trend persists, XRP could retest the June low of $1.05, with lower demand zones at the $0.98 level.
However, if the bulls regain control, XRP could rally towards the Monday high of $1.16. A daily candle close above this level could see XRP target the $1.23 resistance zone.
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