TLDR

• Stable has launched StableEarn to help USDT holders access yield through real-world asset products.
• The product uses Theo’s RWA suite tied to assets such as U.S. Treasurys and gold.
• StableEarn is built on Morpho, with risk management parameters curated by Gauntlet.
• The vaults route USDT deposits into Theo’s yield products instead of relying on crypto token incentives.
• Stable said the product expands yield options for users on its USDT-focused Layer 1 blockchain.

Stable has introduced StableEarn, a new yield product that lets USDT holders access returns tied to real-world assets through Theo’s onchain products.

According to Stable’s Tuesday statement, StableEarn gives Tether’s USDT users a way to earn yield from products connected to assets such as U.S. Treasurys and gold. The company said the product uses Theo’s real-world asset suite, which includes products such as thUSD, thBILL, and thGOLD.

Theo CIO Iggy Ioppe said StableEarn brings “USDT-native” and “institutional-grade” yield to onchain dollar users, with returns generated by real-world markets. Theo works with partners including Standard Chartered’s Libeara and Wellington Management on its RWA products, according to the announcement.

Stable, a Layer 1 blockchain built around USDT, said the product is designed for holders of Tether’s stablecoin, the largest stablecoin by supply. The project is backed by Bitfinex and previously raised $28 million in a funding round co-led by Bitfinex and Hack VC, with Franklin Templeton among the investors.

StableEarn Routes USDT Into RWA Products

Stable said StableEarn is built on Morpho, a decentralized lending protocol, with risk parameters curated by Gauntlet. Under the vault structure described by the companies, users deposit USDT into automated smart-contract pools that move funds into Theo’s yield-generating products.

The companies said the vaults do not depend on token emissions or crypto incentive programs often used in some DeFi yield products. Instead, StableEarn links deposits to products tied to real-world markets through Theo’s platform.

Stable CEO Brian Mehler said USDT holders have long faced challenges when trying to put their stablecoin holdings to work at competitive yields. In his statement, Mehler said StableEarn combines institutional-grade yield with a blockchain built specifically around USDT.

Vaults in DeFi are automated pools that use smart contracts to deploy user deposits into selected strategies. In StableEarn’s case, the companies said USDT deposits are routed into Theo-developed products rather than being used for reward-token-based yield programs.

Stable Expands Its USDT-Focused Ecosystem

Stable’s launch of StableEarn comes after the project rolled out its mainnet last year. The network presents itself as a USDT-dedicated Layer 1 blockchain, with Bitfinex among its key backers.

Tether’s USDT remains the largest stablecoin in the market, giving Stable a large target user base for products built around dollar-denominated blockchain activity. Stable said StableEarn adds another use case for USDT holders who want yield options connected to real-world asset products.

At the same time, the product places Theo’s RWA offerings at the center of Stable’s yield strategy. According to the companies, Theo’s products are tied to assets such as Treasurys and gold and involve partners including Libeara and Wellington Management.

The launch also puts Morpho and Gauntlet into the product’s operating structure. Stable said Morpho provides the vault framework, while Gauntlet curates risk management parameters for the product.

Decentralized derivatives platform Grvt is partnering with tokenization specialist Plume to launch three tokenized real-world asset (RWA) yield products. The move integrates fixed-income and structured-credit exposure directly into Grvt’s platform, enabling users to access on-chain yield strategies from self-custodial wallets without moving assets to separate venues.

The products will track tokenized institutional-grade assets, including exposure to the iShares AAA CLO Active ETF, which totals roughly $2.2 billion in assets. The three investment vehicles — Base Yield Fund, Balanced Fund and Opportunistic Fund — will be available inside Grvt’s trading environment, letting users tap into yield strategies from the same wallet they already use for perpetual futures trading.

Plume, which focuses on tokenized real-world assets, provides the on-chain yield infrastructure that underpins these products. Grvt’s announcement notes that the arrangement merges tokenized fixed-income exposure with Plume’s network, expanding the utility of perpetual futures by layering yield opportunities onto the same self-custodial balance.

Perpetual futures contracts, or perps, are a staple for traders seeking to speculate on price movements without owning the underlying asset. Unlike traditional futures, perps carry no expiration, allowing positions to be maintained indefinitely. Grvt’s daily trading activity sits within a wider DeFi ecosystem that processed about $15.2 billion in perpetual DEX volume over the last 24 hours, according to data from CoinGecko, with Grvt handling around $1.23 billion of that turnover.

In February, Grvt also integrated the Aave lending protocol to let traders earn yield on margin collateral while their perpetual positions remain open, illustrating the platform’s ongoing push to combine on-chain liquidity with yield opportunities.

Key takeaways

• Grvt and Plume will launch three tokenized RWA yield products — Base Yield Fund, Balanced Fund, and Opportunistic Fund — integrated directly into Grvt’s platform.
• The products provide exposure to tokenized institutional-grade assets, including about $2.2 billion in iShares AAA CLO Active ETF assets.
• Access to the yield strategies is designed to occur within self-custodial wallets used for trading, eliminating the need to transfer assets across separate custody or brokerage setups.
• Overall market activity for perpetual futures remains substantial, with 24-hour DEX volume near $15.2 billion and Grvt contributing roughly $1.23 billion of that total.

RWAs on-chain: scale, momentum and what changes for users

The Grvt–Plume collaboration sits amid a broader surge in tokenized real-world assets, a sector that data provider RWA.xyz puts at more than $34 billion in on-chain value. That figure marks a substantial increase from about $5.8 billion at the start of 2025, underscoring rising institutional interest in on-chain renditions of traditional financial products.

The trend is visible across the crypto ecosystem as exchanges, trading venues, and tokenization firms push to bring asset classes like fixed income, private credit and securitized assets onto blockchains. For readers following the rails that enable these products, the momentum is as much about infrastructure as about novelty — from tokenized funds to on-chain settlement and collateral models that could broaden access to traditional assets for crypto traders and institutions alike.

In context, the market momentum is mirrored by notable cross-sector moves. In March, EtherFi allocated $25 million to Plume’s Nest protocol to provide users with exposure to tokenized yield strategies tied to institutional assets and government securities. Around the same time, BTC Markets signaled plans to approach Australia’s securities regulator for a markets license to offer tokenized RWAs, including equities and bonds. Earlier in February, Binance expanded its tokenized assets by adding tokenized equities and ETFs from Ondo Finance to its Binance Alpha platform. Separately, Securitize announced a collaboration with Hamilton Lane, OKX Ventures and stablecoin infrastructure provider STBL to launch a stablecoin backed by tokenized private credit assets.

Industry observers also point to research from Boston Consulting Group, which in a May report highlighted tokenized funds, collateral and fixed-income products among the digital-asset offerings most likely to gain broader institutional adoption over the coming decade. The shift signals digital assets moving beyond purely speculative trading toward infrastructure that supports payments, settlement and capital markets operations.

What to watch next: integration, adoption and regulatory signals

The Grvt–Plume integration adds a concrete use case for on-chain yield in a space where tokenized RWAs are increasingly seen as a differentiator for platforms seeking richer, income-generating offerings. For investors and traders, the key questions are how quickly these products scale, what risk controls accompany tokenized fixed income on-chain, and how on-chain yield will interact with broader regulatory expectations as tokenized RWAs grow in prominence.

As ecosystems mature and more venues bring tokenized assets to market, readers should monitor user uptake of these new yield products, the resilience of on-chain yield infrastructure in volatile markets, and any regulatory clarifications that could shape the deployment of tokenized fixed-income strategies across decentralized platforms.

Source data and market figures referenced in this article include CoinGecko for perpetual futures volume and Grvt’s own disclosures, while on-chain asset totals are tracked by RWA.xyz. For context on related ecosystem activity, industry updates point to EtherFi, BTC Markets and Binance’s tokenized equities initiatives, as well as ongoing collaborations like Securitize’s. The broader market outlook from institutions such as Boston Consulting Group frames tokenized RWAs as a meaningful frontier for institutional adoption in the coming years.

TLDR

• XRP Ledger developers have proposed a draft AMM Swappable Curves amendment to expand the network’s DeFi tools.
• The proposal would add constant product, concentrated liquidity, and StableSwap curve options to XRPL AMM pools.
• The draft would let liquidity providers choose how new pools price trades when the pool is created.
• Existing XRPL AMM pools would remain unchanged and would not need forced migration.
• The upgrade could help stablecoin pairs and tokenized assets trade with better capital efficiency.

XRP Ledger has moved closer to a DeFi upgrade that could give liquidity providers more control over how AMM pools price trades.

The XRPL Standards repository published the draft amendment under the title “AMM Swappable Curves,” with the proposal describing a plan to add constant product, concentrated liquidity, and StableSwap curve options to the ledger’s automated market maker.

The draft was authored by XRPL core developers Denis Angell and Roman Thpt. The report said the proposal remains at the draft stage and would need a separate amendment vote before it could activate on the XRP Ledger.

XRPL AMM Proposal Targets Liquidity Design

According to the XRPL Standards discussion, the current XLS-30 AMM uses one constant product model with liquidity spread across the full price range. The proposal says this setup can waste deposited capital when assets usually trade close together, including stablecoins and other correlated pairs.

Under the draft, pool creators would be able to select a curve type when they create a pool. The XRPL Standards proposal says the chosen curve would remain locked for the pool’s lifetime, while older pools would stay on the existing constant product model without forced migration.

As per the reports, the draft also reserves a fourth curve type called Smart AMM for a later specification. The report said Smart AMM would cover a fully programmable curve model, while the current draft focuses on the three fixed curve designs.

The XRPL documentation describes AMMs as liquidity pools that hold two assets and allow users to swap between them through a formula-based exchange rate. The same documentation says liquidity providers receive LP tokens after depositing assets into an AMM pool.

Stablecoin And RWA Trading Could Benefit

In the proposal’s own explanation, concentrated liquidity would let liquidity providers place funds inside a narrower price range, rather than across every possible price. The XRPL Standards discussion says this design can create more usable depth for each dollar deposited when most trading happens around a specific price zone.

StableSwap, according to the draft, is designed for assets that usually trade near the same value. The proposal lists stablecoins and similar representations of the same asset as examples of markets where this curve type can be useful.

The timing places the AMM draft beside XRPL’s growing tokenization activity. An earlier report stated that more than $3 billion in tokenized real-world assets are now on the XRP Ledger, including a recent Ripple and JPMorgan-linked tokenized Treasury pilot.

In a separate May 7 report, Ripple, JPMorgan’s Kinexys, Mastercard, and Ondo Finance processed a tokenized U.S. Treasury redemption on XRPL in under five seconds. The report said the pilot involved Ondo’s OUSG tokenized Treasury fund.

XRPL’s AMM has been live since 2024. The XRP Ledger documentation said the AMM amendment was scheduled for mainnet activation on March 22, 2024, adding automated market maker functionality directly to the protocol.

Spain’s gambling regulator has taken a precautionary step, blocking Spanish users from accessing Kalshi and Polymarket as authorities review whether the prediction-market platforms comply with national gambling laws. The move comes after Spain’s Directorate General for the Regulation of Gambling (DGOJ) announced that the country’s Ministry of Social Rights, Consumption, and Agenda 2030 had opened disciplinary proceedings against the two firms, which allegedly operated without the required licensing.

According to a DGOJ notice issued on Tuesday, Polymarket and Kalshi are blocked from Spanish territories until the proceedings are resolved, a process expected to take three to four months. The agency stressed that, in Spain—and many other European jurisdictions—prediction markets are treated as games of chance when bets are placed on uncertain future outcomes, and therefore require a specific administrative license to operate domestically. This reflects broader regulatory caution around platforms that enable real-money bets on political, economic, or social events.

Key takeaways

• Spain has temporarily barred Spanish users from Kalshi and Polymarket as regulators pursue licensing-violation proceedings, with a projected resolution window of three to four months.
• In Spain, prediction markets are treated as games of chance, requiring a license to operate within the country’s borders.
• The move aligns with a broader, global pattern of regulatory scrutiny and access restrictions on prediction-market platforms, including precedents in Indonesia and several other jurisdictions.
• In the United States, regulatory attention has intensified: a New York Times report describes internal pushback within the CFTC, while lawmakers in Congress have opened an insider-trading probe into Kalshi and Polymarket.

Global patchwork of regulation tightens around prediction markets

The Spanish decision sits within a wider trend of authorities calibrating how prediction markets should fit within existing gambling or financial-device frameworks. Across Asia, Europe, and beyond, regulators have repeatedly warned that platforms enabling bets on future events may fall under gambling or financial-regulatory regimes, depending on the jurisdiction. The Indonesian authorities, for instance, moved to block Polymarket after the platform listed bets tied to the fate of President Prabowo Subianto. Other countries—including Australia, France, Poland, Singapore, Ukraine, and Switzerland—have also restricted access to Polymarket, with corporate and state-level actions shaping the ability of users to place bets on political and current events.

The regulatory environment is equally consequential for Kalshi and Polymarket, which have grown to become two of the largest prediction-market players by trading volume. Industry trackers put their combined weekly volume in the billions, underscoring the potential scale of user engagement and risk for operators under shifting regulatory mandates. The companies have publicly indicated openness to engaging with authorities, though spokespeople have declined to comment on the Spanish case beyond reiterating their commitment to regulatory dialogue.

US regulatory stance and the question of authority

The policy contours in the United States add another layer of complexity. A New York Times report detailed internal tensions at the Commodity Futures Trading Commission (CFTC), noting that certain officials who questioned the legitimacy or scope of prediction markets like Kalshi and Polymarket were reportedly reassigned. The CFTC maintains that it holds exclusive authority over such platforms and has pursued lawsuits against state authorities that have challenged that position, a stance that has drawn renewed attention amid ongoing debates about how to regulate rapidly evolving digital markets.

Beyond federal authorities, the political oversight apparatus in Washington has begun scrutinizing insider trading risks connected to prediction markets. Lawmakers on the House of Representatives’ Oversight and Government Reform Committee announced a probe into Kalshi and Polymarket over allegations of suspicious trades ahead of geopolitical or military events. Committee Chair James Comer cited reports suggesting that certain traders may have profited from information not yet made public, intensifying scrutiny of how these platforms handle information flows and potential conflicts of interest.

The dynamic underscores a tension at the center of the prediction-market debate: the potential for useful forecasting and risk-sharing tools to coexist with a regulatory framework that guards against gambling excesses, market manipulation, or unlicensed operations. As regulators in the U.S. and abroad weigh their options, market participants are watching closely for guidance on licensing pathways, consumer protections, and the permissible scope of event-based betting in regulated jurisdictions.

On the market side, observers note that Polymarket and Kalshi together account for a substantial share of weekly prediction-market activity. DeFi Rate’s aggregation of volume places their combined weekly trading activity in a meaningful, real-time context for traders and developers who build on or rely on indicators derived from these platforms. The ongoing regulatory actions may influence where liquidity migrates, how users evaluate risk, and what kinds of event-based contracts survive in regulated environments.

A Kalshi spokesperson told Cointelegraph that the platform remains focused on constructive engagement with regulators in every jurisdiction, while a Kalshi representative declined to comment further. The DGOJ’s action in Spain demonstrates that, even in a space with strong user demand and notable liquidity, compliance and licensing are likely to remain gating factors for access in multiple markets.

The regulatory mosaic matters for investors and builders in the space. For traders, it emphasizes the importance of understanding jurisdictional licensing, the potential for abrupt access changes, and the regulatory risk tied to event-driven contracts. For platform operators and developers, it highlights the need to align product design with local legal frameworks, implement robust compliance controls, and anticipate shifts in cross-border accessibility as policymakers refine their approaches to prediction markets and related financial instruments.

Looking ahead, several questions shape the near-term outlook: Will Spain’s licensing proceedings clarify the acceptable scope for domestic prediction markets, and how quickly regulatory processes will translate into concrete licensing decisions? How will the broader international patchwork evolve as more jurisdictions publish guidance or impose restrictions? And in the United States, will the reported internal debates within the CFTC give way to a more unified regulatory stance or further friction between federal authorities and state-level actions?

As the world of prediction markets continues to unfold against a shifting regulatory backdrop, observers should monitor licensing decisions in Spain, the outcomes of Indonesia’s and other countries’ actions, and the responses from U.S. lawmakers and the CFTC. These developments will likely shape how institutions, traders, and developers approach event-based markets in the months ahead.

TLDR

• The UK government sanctioned HTX over alleged financial services linked to Russia.
• Authorities said HTX had connections to A7 Limited Liability Company and Garantex Europe OU.
• The sanctions include an asset freeze, trust services restrictions, and banking limits.
• UK internet providers and app stores must restrict access to HTX-related services.
• HTX was already facing FCA legal action over alleged illegal crypto promotions.

UK authorities have sanctioned HTX, formerly Huobi Global, after accusing the crypto exchange of supporting Russia through financial services linked to sanctioned networks.

According to the UK government’s sanctions notice published on May 26, Huobi Global S.A., also identified as HTX, was added under the Russia Sanctions EU Exit Regulations 2019. The notice said authorities had “reasonable grounds to suspect” the Panama-registered exchange had provided financial services or economic resources connected to A7 Limited Liability Company and Garantex Europe OU.

UK Foreign Secretary Yvette Cooper said the government would act against crypto networks and shadow finance systems used to bypass sanctions on Russia. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” Cooper said in the statement.

The designation places HTX inside the UK’s expanding Russia sanctions regime, which has targeted companies accused of helping Moscow access financial channels after its 2022 invasion of Ukraine. The UK filing said the action formed part of efforts against entities “exploited by Russia to circumvent UK sanctions.”

UK Targets HTX With Asset Freeze and Service Restrictions

According to the UK sanctions filing, the measures against HTX include an asset freeze, director disqualification sanctions, trust services restrictions, and correspondent banking prohibitions. The notice also blocks UK financial institutions from maintaining correspondent banking links with the designated entity or processing payments connected to it.

The UK government also imposed internet services sanctions. Under those measures, UK-based internet providers, social media platforms, and app stores must take reasonable steps to restrict access by UK users to HTX-related services and applications.

Authorities named A7 Limited Liability Company and Garantex Europe OU in the statement of reasons tied to HTX. Garantex has previously faced international sanctions scrutiny over alleged illicit finance activity and links to Russia-based financial networks.

At the time of writing, HTX had not issued a public response to the UK designation.

The European Commission also announced crypto-related sanctions in April against stablecoin and digital asset operators linked to Russia and Belarus. Those measures included action connected to A7A5, a stablecoin tied to Russian-linked financial activity.

FCA Case Adds to HTX’s UK Regulatory Pressure

The latest sanctions add to HTX’s existing problems with UK authorities. In 2025, the Financial Conduct Authority opened legal proceedings against the exchange over alleged illegal crypto promotions aimed at UK consumers.

According to the FCA, HTX promoted crypto services across TikTok, X, Facebook, Instagram, and YouTube without following UK marketing rules. The watchdog said the activity breached restrictions designed to control how crypto products are advertised to local users.

The UK government’s May 26 action shows that HTX now faces both regulatory and sanctions pressure in the country. While the FCA case focused on consumer promotions, the sanctions notice tied the exchange to financial services allegedly connected to Russia’s sanctioned economic networks.

In Russia, lawmakers advanced digital asset bills in April that would tighten control over crypto activity inside the country. The proposals included possible criminal penalties for unlicensed digital asset services and registration requirements with the Russian central bank.

Russian lawmakers also passed first-reading measures that would limit retail investor access to certain crypto products and reinforce the country’s ban on digital asset payments. Those developments came as Western governments continued to pressure crypto platforms accused of helping sanctioned entities move funds.