There are guardrails, however.

The software running that market must be public and auditable and deployed on a public, permissionless blockchain. Access to the trading venue itself, however, remains permissioned, according to the SEC.

So no, this does not mean Apple or Microsoft stocks suddenly start trading freely on popular decentralized crypto exchanges that run on automated liquidity protocols (or smart contracts) rather than traditional order books.

It means regulated venues can test some of the technology pioneered by decentralized finance while still controlling who is allowed to trade.

And this sandbox is also deliberately small.

For the most liquid stocks, each venue can tokenize up to 75 names and handle no more than 0.25% of average daily trading volume. For a second tier of stocks, the cap rises to 250 names and 2.5% of average daily volume, according to Jamie Selway, the SEC’s director of trading and markets.

“The motivation for that was to, obviously, make a modest start,” Selway said. “Let’s get people going, measure the effect.”

For example, Tesla — one of the most highly traded stocks — has an average daily volume of about 40 million shares. By this definition, a qualifying venue could theoretically facilitate trading in up to roughly 100,000 tokenized Tesla shares a day, which is about $36.6 million at a $366 share price.

S&P Global is set to acquire the blockchain security company OpenZeppelin, expanding the financial data, ratings and benchmark provider’s digital asset capabilities.

The deal announced on Thursday is aimed at complementing S&P Global’s risk assessment and ecosystem development capabilities in the digital asset market, it said. Financial terms were not disclosed, and the transaction remains subject to closing conditions.

“Our digital assets strategy centers on bringing trusted data, benchmarks and transparent risk assessment to markets as they move onchain,” S&P Global ratings president Yann Le Pallec said. He added that OpenZeppelin would expand his company’s smart contract and onchain technology risk assessment capabilities.

Founded in 2015, OpenZeppelin develops open-source smart contract software and provides security assessments for blockchain projects and financial institutions. Its smart contracts have facilitated more than $37 trillion in value transferred, while the company has completed over 900 security engagements, the announcement notes.

OpenZeppelin said its contracts library and other open-source applications will remain free and publicly maintained on GitHub. The platform will operate as a separate S&P Global business unit, with CEO Demian Brener continuing to lead while reporting to Le Pallec.

Earlier this week, S&P Global led a strategic investment in Kaiko, extending the Paris-based crypto market data provider’s Series B funding to $110 million as it expands its data infrastructure for tokenized financial markets.

Related: Circle to acquire Tazapay to expand USDC cross-border payments

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

In her filing, Dr. Clinton claimed to have been estranged from her mother since 2022 after an incident during a family vacation when Kathleen Allman allegedly told Dr. Clinton’s young children, aged 10, six and two, that “they were worthless, that she should have aborted all of them, and that she might be fortunate if they drowned in the ocean during the visit.” Afterwards, Kathleen Allman denied saying anything of the kind, according to the filing.

The court filings also hint at a pattern of lavish spending, claiming that Kathleen Allman “came to depend on [Allman] for…a scale of living her own resources had never supported.” In June 2025, according to court documents, Allman bought his parents a beachfront home in Honolulu for $18.5 million.

“Petitioners note also that despite substantial earnings [Kathleen Allman] has a history of financial strain, including an occasion on which she could not meet a single month’s mortgage payment and borrowed from her own mother,” lawyers for Dr. Clinton and Chen wrote in their filing.

Before Allman’s death, the filings claim, Kathleen Allman “purchased or attempted to purchase a Zeelander yacht in Florida at a price on the order of $4 million; traveled by private aircraft, including a request that [Ondo Finance] bear a six-figure cost of a flight from Hawaii to California, and lodged at approximately $4,000 per night.”

WisdomTree and MoonPay are partnering to expand US investor access to a tokenized Treasury money market fund, which MoonPay also plans to use as part of its stablecoin reserves.

According to a Thursday announcement from the companies, the fund issuer is using MoonPay’s technology to develop an access point for its WisdomTree Treasury Money Market Digital Fund (WTGXX), a tokenized money market mutual fund that seeks to maintain a $1 share price. The companies said the arrangement would give WisdomTree access to MoonPay’s network of more than 35 million accounts.

MoonPay, a financial technology company that provides infrastructure for moving between fiat and digital assets, plans to use WTGXX as part of its stablecoin reserve management stack.

MoonPay launched its enterprise stablecoin business in November 2025 and issues dollar-denominated stablecoins across several blockchains, backed by US dollars and other high-quality liquid assets held in segregated accounts.

The collaboration could expand to additional tokenized funds, including in markets outside the United States, according to WisdomTree, which manages about $176.7 billion in assets.

On Thursday, the tokenized US Treasury market stood at about $15.4 billion, with WTGXX accounting for about $1.23 billion, according to RWA.xyz data.

Tokenized US Treasury Funds. Source: RWA.xyz

The fund has logged net flows of $466 million in the past 30 days. Net flows are calculated as the difference between tokens minted and tokens burned. Ondo U.S. Dollar Yield fund (USDY) was the only other tokenized Treasurys fund that saw positive net flows, $66 million, in the period.

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

WisdomTree and MoonPay have announced a partnership designed to make a tokenized U.S. Treasury money market fund easier for U.S. investors to access. The companies say MoonPay will supply technology that serves as a distribution access point for WisdomTree’s WisdomTree Treasury Money Market Digital Fund (WTGXX), which aims to maintain a $1 share price.

MoonPay also plans to use WTGXX within its stablecoin reserve management stack. The move highlights how regulated cash-like products are increasingly being structured to plug directly into stablecoin operations, rather than remaining siloed as standalone tokenized funds.

Key takeaways

• MoonPay will be used as an access point for WisdomTree’s tokenized Treasury money market fund, WTGXX.
• WisdomTree says the integration is meant to leverage MoonPay’s network of more than 35 million accounts.
• MoonPay intends to include WTGXX as part of its stablecoin reserve management approach.
• RWA.xyz data shows tokenized U.S. Treasury markets at about $15.4 billion, with WTGXX around $1.23 billion.
• WTGXX reportedly recorded $466 million in net flows over the prior 30 days, calculated from token minting and burning.

A tokenized money market fund built around $1 stability

The partnership centers on WTGXX, WisdomTree’s tokenized money market mutual fund. According to the companies’ announcement, the fund is structured to target a stable $1 share price—an important design choice for investors seeking lower-volatility exposure compared with traditional crypto assets.

In this setup, MoonPay’s technology is expected to create the practical on-ramp for investors who want exposure to the tokenized fund. The firms framed the distribution benefit around scale: WisdomTree said the arrangement would give it access to MoonPay’s network of more than 35 million accounts.

For market participants, this matters because the usability gap has often been the limiting factor for tokenized funds. Tokenization alone doesn’t guarantee demand; access, custody workflows, and investor onboarding typically determine whether a product actually attracts capital.

Why MoonPay wants WTGXX in its reserves

MoonPay, which provides infrastructure for moving between fiat and digital assets, plans to use WTGXX as part of its stablecoin reserve management. In the announcement, the companies positioned the fund as a fit for the kinds of high-quality, liquid assets that stablecoin issuers and treasury operators typically seek.

MoonPay said it launched its enterprise stablecoin business in November 2025. The company issues dollar-denominated stablecoins across several blockchains, backed by U.S. dollars and other high-quality liquid assets held in segregated accounts.

This is the first-time, at least in the way described publicly here, that a specific tokenized Treasury money market fund has been tied directly to MoonPay’s reserve stack. If the integration works smoothly, it could help normalize a broader “tokenized cash management” model—where Treasury-like products become operational inputs to stablecoin liquidity and redemption capacity.

How big is WTGXX in the tokenized Treasury market?

RWA.xyz data cited in the announcement suggests the tokenized U.S. Treasury market is roughly $15.4 billion in size. Within that category, WTGXX accounts for about $1.23 billion.

While WTGXX is not the largest tokenized Treasury product on the list by the numbers provided, it is significant enough to matter to both sides of the ecosystem—investors allocating to tokenized money market instruments and operators building stablecoin reserve workflows.

Volume and momentum are also part of the story. The companies said WTGXX recorded net flows of $466 million in the past 30 days. Net flows were calculated as the difference between tokens minted and tokens burned. In the same timeframe, the Ondo U.S. Dollar Yield fund (USDY) was the only other tokenized Treasurys fund mentioned as having positive net flows, at $66 million.

This relative outperformance matters because flows often function as a proxy for perceived usability and demand. If WTGXX continues to attract inflows after the distribution changes, it could strengthen its role as a reserve asset candidate across the stablecoin infrastructure stack.

Potential expansion beyond the first integration

WisdomTree said the collaboration could extend to additional tokenized funds, including in markets outside the United States. The firm also reported that it manages about $176.7 billion in assets, underscoring that it is approaching tokenized Treasurys and cash-like instruments as part of a broader product strategy rather than a one-off experiment.

For investors, the watch item is whether expanded distribution and stablecoin reserve adoption increase real-world liquidity and reduce friction across onboarding and transfers. For builders, the broader implication is that stablecoin reserves may increasingly rely on tokenized, share-priced cash instruments—creating demand for issuance rails and distribution access points similar to the one MoonPay is providing here.

Still, several practical questions remain open. The announcement focuses on the technology and the intended uses, but readers should watch for details on how investors experience the onboarding process, what custody and settlement mechanics are involved for U.S. participants, and whether MoonPay’s reserve integration affects WTGXX’s day-to-day token mint-and-burn dynamics.

Going forward, the clearest signals to track are whether tokenized Treasury market share shifts toward WTGXX after this access partnership, and whether MoonPay’s reserve allocation approach expands to other tokenized cash products as additional markets and funds are considered.

Bitcoin hovered near $76,500 in the hours after Wall Street opened, as a rebound in U.S. equities helped ease pressure on risk assets following the latest Federal Reserve decision. The move came after BTC slipped below $76,000 during the initial reaction to the Fed’s 25-basis-point increase in benchmark rates.

For traders, the key dynamic was less about a new burst of buying and more about stabilization: volatility appeared to cool over the prior 24 hours, liquidity around current levels thickened, and on-chain sentiment signals remained supportive—though not at peak “bullish conditions.”

Key takeaways

• BTC held close to $76,500 after consolidating following a dip below $76,000 tied to a 0.25% Fed rate hike.
• U.S. stocks rebounded, with the Nasdaq Composite up 1.5% and the S&P 500 gaining 0.9%, helping sentiment across high-beta markets.
• TradingView data pointed to cooling BTC volatility and only modest price moves, consistent with range trading.
• CryptoQuant’s Bull Score Index fell to around 60/100—still labeled “bullish,” but below levels associated with stronger momentum.

Range trading returns as equities find a bid

BTC’s near-term behavior looked more controlled than directional. According to TradingView, volatility eased over the last day, while price action largely stayed within the bounds needed to interact with nearby liquidity rather than driving a breakout or breakdown.

CoinGlass data also suggested a typical “two-sided” market: bid and ask liquidity thickened around spot levels, a pattern frequently associated with consolidation. In practical terms, this often means fewer aggressive liquidations and less forced repositioning—conditions that can keep traders from chasing until a catalyst reappears.

That catalyst, in this case, was partly external. U.S. equities turned higher after a policy-driven wobble, with major indexes finishing the day up on the session. The S&P 500 gained 0.9% and the Nasdaq Composite rose 1.5%, giving risk markets a fresh footing.

The Fed decision landed the day before: on Wednesday, it voted to increase benchmark interest rates by 25 basis points to 3.75%–4.0%, its first hike since July 2023. The move ended a long stretch in which the Fed had either cut rates or held them steady across prior meetings.

Earlier coverage from Cointelegraph highlighted the broader cross-market tone, noting that central-bank rates have been rising globally. In that context, the Fed’s shift fits a wider pattern: the European Central Bank delivered a 0.25% hike last week, and the Bank of Japan was expected to follow on Friday.

The Kobeissi Letter argued that assets could still perform well even if rate hikes tighten liquidity conditions, pointing to the Nasdaq’s gains as an example.

On-chain analytics: bullish trend remains, momentum fades

Bitcoin’s recent trajectory has been uneven. The article noted that after a Tuesday selloff—when BTC/USD hit new month-to-date lows—Bitcoin bounced, trading about 0.5% higher at the time of writing.

But the question for investors is whether that rebound is just pausing or actually restarting. CryptoQuant, in its latest weekly research shared with Cointelegraph, framed current conditions as supportive on the longer arc while less favorable for near-term momentum.

CryptoQuant’s head of research, Julio Moreno, said the trend is still bullish, yet macro factors and fading demand are weighing on continuation. He pointed to one of CryptoQuant’s proprietary measures: the Bull Score Index, which gauges whether market conditions fit CryptoQuant’s definition of “bullish” phases.

Moreno noted that the Bull Score Index had fallen from 80 to 60. While 60 sits at the threshold CryptoQuant uses to describe “bullish conditions,” it is also a clear step down from the higher-score environment that typically aligns with stronger momentum. In CryptoQuant’s view, this is why Bitcoin may look like it’s holding the floor without immediately resuming a sustained advance.

In the same report, CryptoQuant summarized the takeaway as “cooling, not turning.” The firm maintained that a Bull Score of 60 keeps the trend bullish, but it highlighted several offsetting pressures: fading U.S. demand, rising inflows into altcoins, and a week of macro risk that includes the delay of the CLARITY Act and the expectation of a Fed hike.

The practical implication is that investors may need to prepare for consolidation rather than assume the prior rebound automatically extends. CryptoQuant also identified levels to watch: $70,000 and the $62,000–$65,000 band as potential support zones.

What traders should watch next in a tightening-liquidity regime

The market is now digesting a key shift: the Fed has moved back into the hiking cycle after a pause period that spanned roughly three years of easing or rate holds. That matters because higher rates can change how capital flows across asset classes—often first through liquidity expectations and then through risk appetite.

Still, the immediate tape showed that equities can quickly swing back, and when that happens Bitcoin tends to respond as part of the broader risk complex. The combination of reduced volatility on the TradingView feed and thickening liquidity near spot suggests there is no urgent technical breakdown at the moment.

For participants, the next layer is monitoring whether the on-chain trend can stabilize despite macro headwinds. CryptoQuant’s Bull Score hovering around its “bullish conditions” cutoff is a reminder that the market’s internal momentum is no longer as strong as during earlier phases.

Looking ahead, the most important signals will likely be whether BTC can reclaim upside momentum without a fresh wave of macro pressure, and whether support zones identified by CryptoQuant hold if consolidation deepens. If liquidity conditions tighten again or equity volatility returns, Bitcoin’s range could widen rather than resolve cleanly.

Readers should watch how the Bull Score Index develops from this threshold area and whether $70,000 and the $62,000–$65,000 support band stay intact as the market continues to weigh central-bank policy expectations.

The U.S. Commodity Futures Trading Commission (CFTC) has taken another step toward accommodating blockchain and crypto apps that simply provide technical access to regulated derivatives venues. In a no-action position issued Thursday, the agency said it would not recommend enforcement against qualifying “passive software” providers—or their personnel—for failing to register as introducing brokers or associated persons, so long as the software meets specific conditions.

The move matters for crypto builders because it creates a clearer path for non-custodial wallets and other software applications to connect users to CFTC-registered firms and exchanges offering products such as perpetual contracts and prediction markets, without automatically pulling the software provider into full broker registration.

Key takeaways

• The CFTC’s Thursday no-action position covers providers of “passive software” that connect users to CFTC-registered derivatives firms and exchanges.
• Qualifying providers would not face enforcement for not registering as introducing brokers or associated persons, if they stay within limits on how they handle user orders.
• The guidance builds on a March no-action letter granted to Phantom Technologies for self-custodial wallet software.
• The regulatory action arrives shortly after the CLARITY Act failed to advance in the Senate, signaling agencies intend to keep moving under existing authority.

A narrower role that reduces registration risk

At the core of the CFTC’s relief is a concept regulators often draw around broker-type activity: where the provider’s software and marketing functions do not cross into exercising discretion over trading decisions. According to the CFTC’s no-action position, the Market Participants Division will not recommend enforcement against providers that qualify under the “passive software” framework for facilitating trading with CFTC-registered entities and exchanges.

To qualify, providers must meet conditions designed to limit their involvement in transactions—especially restrictions related to discretion over users’ orders. The practical effect is to distinguish between software that merely routes users to regulated venues versus software that actively decides, manages, or steers trades on the user’s behalf.

This distinction is particularly relevant for crypto wallets and app-layer products that users interact with directly. If an app can demonstrate that it is not effectively operating like a registered intermediary, it may be able to integrate regulated derivatives access while reducing the compliance burden that typically comes with broker registration.

Extending a precedent set by Phantom

The CFTC’s new stance is not happening in a vacuum. Earlier, the agency granted a similar no-action position in March to Phantom Technologies for its self-custodial crypto wallet software. That letter allowed Phantom, subject to certain conditions, to provide and market software that connects users with registered futures brokers and exchanges without requiring Phantom to register as an introducing broker.

By expanding the relief beyond a single wallet vendor, the CFTC appears to be moving from case-by-case comfort toward a more repeatable standard that other developers can evaluate against. For investors and industry participants, this matters because regulatory certainty is often less about whether the rules can be interpreted, and more about whether firms can plan product roadmaps without waiting for the regulator to address each new integration individually.

The earlier Phantom-related effort also did not remain purely theoretical. The Phantom and Hyperliquid Policy Center later urged the CFTC to modernize how the rules apply to onchain infrastructure—arguing that non-custodial wallet providers should receive clearer protections from introducing broker requirements and that the agency should clarify how existing regulations operate when blockchain developers facilitate access to regulated derivatives venues.

While Tuesday’s details are limited to what the no-action position covers, the direction is clear: regulators are acknowledging that the technical layer of trading—software connectivity—can exist without necessarily replicating the role of a traditional broker.

After CLARITY Act setback, agencies continue

The CFTC’s relief comes two days after the CLARITY Act failed to advance in the U.S. Senate. As reported in earlier coverage of the legislative outcome, a cloture motion received 49 votes, falling short of the 60 needed to proceed to debate.

Following that setback, both CFTC Chair Michael Selig and Securities and Exchange Commission Chair Paul Atkins signaled that their agencies would continue regulatory work using existing authority. In posts on X referenced by the reporting, Selig said the CFTC is “ready to ship its rules,” while Atkins said the SEC would act “with or without legislation” to provide regulatory certainty for digital assets.

Thursday’s developments follow through on that posture. Alongside the CFTC no-action position, the SEC approved a temporary exemption allowing qualifying platforms to facilitate limited onchain trading of tokenized U.S. stocks through permissioned automated market makers and liquidity pools. The pairing of actions—CFTC on derivatives access software, SEC on a narrowly defined pathway for tokenized stock trading—suggests regulators are pursuing targeted certainty even as comprehensive legislation stalls.

Still, the scope of this new no-action relief is not blanket. The CFTC’s conditions and discretion limits are key: “passive” software is not a synonym for “anything goes.” Builders will need to ensure their product behavior aligns with the framework, particularly around what the software does (and does not do) with respect to order handling.

What to watch next for wallet and onchain derivatives access

For developers, the most immediate takeaway is to treat the no-action position as a blueprint for compliance planning. Since the CFTC’s relief hinges on meeting specific conditions—especially those related to discretion—teams integrating regulated derivatives access should document how their software operates, what actions are user-driven, and what guardrails prevent the app from effectively acting like a broker.

For users and market participants, the broader question is how quickly regulated-derivatives access becomes more “app-like.” The CFTC is signaling that non-custodial connectivity to CFTC-registered venues can fit within existing regulatory boundaries when structured appropriately. The open issue is how tightly the framework will be interpreted in edge cases, such as more interactive order workflows, automated strategies, or features that could be viewed as steering trades.

Readers should watch whether additional CFTC communications expand “passive software” guidance to more product categories, and how firms demonstrate compliance with the discretion and order-handling limits as onchain interfaces for regulated derivatives continue to evolve.