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Brale CEO Ben Milne (Brale, modified by CoinDesk) Stablecoin infrastructure firm Brale introduced ION Protocol, an interoperability system that lets participating stablecoins move across blockchains by burning tokens on one chain and minting them on another. The testnet debut comes amid rapid growth and fragmentation in the stablecoin market, with more than 350 tokens and over $300 billion in market capitalization. Unlike traditional blockchain bridges that rely on pre-funded liquidity pools, IO

Coinbase CEO Brian Armstrong (CoinDesk) Trading volumes plunged in April and May, prompting multiple top Wall Street firms to slash their second-quarter estimates for Coinbase. Softer transaction numbers are expected to be partially cushioned by steady subscription and services income, including stablecoin interest and staking rewards. Long-term growth initiatives like prediction markets and derivatives show promise, but regulatory progress on Capitol Hill remains the biggest wild card for inves

Hi readers, Welcome to our institutional newsletter, Crypto Long & Short. This week: Most of 2026’s stolen crypto is leaving through keys, signs and governance, not contract bugs, writes Mitchell Amador Top headlines institutions should pay attention to by Francisco Rodrigues “Long tail volume share on solana rebounds past 60% as PUMP recovers” in Chart of the Week CoinDesk will be attending the Digital Asset Yield Summit in Singapore on October 6th. This is an invite only private capital confer

The Ethereum Foundation appointed longtime contributor and prominent security community member pcaversaccio to its board on a one-year voluntary term, expanding the leadership group responsible for the organization's long-term strategy and governance. The appointment comes as the Ethereum Foundation undergoes a broader leadership overhaul, with several high-profile departures and new Ethereum-focused organizations spinning out as the foundation refocuses on long-term stewardship. The Ethereum Fo

It was sometime in 2015, on a hiking trail in Hong Kong, that the perpetual swap — also called a perpetual future or a “perp” for short — was born. Ben Delo, the mathematician and co-founder of BitMEX, was walking with a friend called Bavik, a derivatives trader, wrestling with a problem that had been nagging at him for months. BitMEX had been trying everything. Quarterly futures, monthly futures, weekly futures, 48-hour futures, even a contract that lasted just 24 hours before resetting. Nothin

About $80 million ZEC crosses into Zcash's new 'Ironwood' pool in the first day (xing419/Pixabay) About 176,000 ZEC, or roughly $81 million, has moved into Zcash’s new Ironwood shielded pool in the first day after the upgrade, representing about 5 percent of the Orchard pool’s balance at activation. Orchard, which can no longer accept deposits, is steadily shrinking as coins exit through a turnstile mechanism that limits total withdrawals to the amount verifiably deposited. Migration to Ironwood

Perpetual futures are entering regulated markets, and the objection to them is serious: retail-driven, high-leverage instruments will import systemic risk. But the critique is aimed at the wrong target. Systemic risk in a derivatives market is a property of the venue on which the perpetuals are traded, not the contract. The risk is set by venue choices: leverage caps, margin, funding design, default management. None inherent to a no-expiry contract. The concern isn't baseless. Crypto's sharpest

The bank is launching a blockchain-based version of its transfer agency business, which services about $8.6 trillion in assets. (BNY/Press) BNY is shifting its core transfer agency record-keeping onto blockchain to create a single on-chain ownership ledger and reduce reliance on intermediaries. The move will initially support clients including Baillie Gifford, BlackRock and BNY’s Dreyfus unit for what is described as the first fully native U.K.-regulated tokenized fund and other planned tokenize

The FOMC rate decision will help set a path for bitcoin prices. (joshua-hoehne/Unsplash) This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. The Federal Reserve (Fed) will announce its rate decision at 2 p.m. ET today, followed by Chair Kevin Warsh’s press conference at 2:30 p.m. ET. Traders typically assign greater weight to FOMC meetings that come with updated economic projections and a “dot plot” of interest-rate forecasts. Today’s gathering lacks bot

Bitcoin price (CoinDesk) Bitcoin rose 0.75% to $64,328 after a volatile two days, with the market in a holding pattern ahead of a Fed rate decision that could be the first increase in three years. The mood across traditional markets is one of cautious hedging rather than conviction, with S&P 500 and Nasdaq 100 index futures fractionally positive, gold holding above $4,000 and silver up 1.40%. Jupiter (JUP) rose 5.79% to lead a DeFi recovery. FET fell 4.60% on the day and 6.78% over 24 hours as A

Binance launches options tied to gold and silver. (Scottsdale Mint/Unsplash) Binance is launching European-style options on gold and silver, settled in USDT via its ADGM-regulated Nest Exchange, after strong demand for its metals perpetual futures. The new contracts reference a benchmark built from multiple third-party price feeds, and retail traders may buy calls and puts but are barred from writing options, limiting their downside to the premium paid. Binance says the metals options are part o

Ionic Digital surged 26% on its Nasdaq debut. (Anne Nygård/Unsplash) Bitcoin miner Ionic Digital surged 26% on its Nasdaq debut following the exchange’s largest direct listing since 2021. The listing gives an exit route to investors who received stock in the company following Celsius Network’s bankruptcy. Ionic, which is pivoting to AI, completed a direct listing rather than an IPO and holds 2,815.6 bitcoin. It projected $195 million in revenue for the year. Ionic Digital (IOND), the bitcoin min

Russia charges Telegram founder with aiding terrorism. (Christian Wiediger/Unsplash) Russia's FSB has charged Telegram founder Pavel Durov with aiding terrorism, accusing the platform of hosting channels used for sabotage and cyber fraud. The charges could result in life imprisonment, escalating an investigation that has already led to over 100 million rubles in fines for the platform this year. Telegram, a major crypto hub integrated with The Open Network (TON), faces these charges as it contin

SpaceX Falcon Heavy Launch of Europa Clipper in 2024 (Getty Images/Brandon Moser) SpaceX’s initial public offering last month was a headline-grabber for any number of reasons. As one of the largest IPOs ever, it briefly made founder Elon Musk the world’s first trillionaire (and, a few days later, the first multi-trillionaire); it’s among the first of the major AI labs to go public; it debuted as one of the largest companies in the world, forcing new FAANG-like acronyms. For stalwart veterans of

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Company behind AI trade that caused $60 million crypto liquidations to cover all losses (Christian Dubovan/Unsplash) Trade.xyz will reimburse traders whose positions were liquidated after its SK Hynix perpetual futures contract suddenly dropped 19% on Monday, a move the exchange attributes to a single trade on a thin Korean pre-market venue. The company said its price oracle functioned as designed by relaying a real but outsized trade that sharply moved the mark price, and emphasized that the de

Citadel predicts a Fed rate hike on Wednesday. (Jesse Hamilton/CoinDesk) Citadel Securities is calling for a surprise 25-basis-point Federal Reserve rate hike on Wednesday, against broad market expectations that rates will be left unchanged. A shock move to lift the benchmark rate to 3.75% to 4% could push Treasury yields higher and pressure risk assets, including bitcoin, which has already pulled back from recent highs. Citadel argues that hiking now would end the Fed’s era of heavy forward gui

South Korea's flag (Daniel Bernard/Unsplash) Bitcoin and major cryptocurrencies inched higher even as Asian equity markets, led by chipmakers, suffered one of their steepest two-day sell-offs of the year. The sharp drop in SK Hynix and Samsung shares underscored how sky-high expectations for AI-driven demand are being reassessed after a massive run-up in global tech stocks. Bitcoin’s resilience through two recent tech routs suggests its tight correlation with AI-linked equities may be weakening,

Coinbase Canada CEO Eric Richmond. (Coinbase) Coinbase’s new Canadian CEO says the exchange wants to offer Canadians the same advanced crypto products available in the U.S., including derivatives, DeFi services and tokenized assets. Eric Richmond argues that Canada must move beyond case-by-case exemptions toward a bespoke, harmonized national framework for digital assets if it hopes to support more sophisticated products. While Canada was an early mover on spot crypto ETFs and has passed a Stabl

Federal Reserve Chairman Kevin Warsh (Eric Lee/Getty Images) Bitcoin has held steady above $63,000 and is up about 6% for the month even as AI-linked tech and semiconductor stocks have slumped. Traders are split ahead of Wednesday’s Federal Reserve decision, with markets pricing roughly a 30 percent chance of a rate hike. Analysts say bitcoin’s correlation with equities has weakened, suggesting this week’s Fed meeting may have a smaller impact on the cryptocurrency than on traditional risk asset

Ondo Finance CEO Ian de Bode (Ondo Finance) Ondo Finance has abandoned plans for a traditional layer-1 blockchain and instead launched Ondo Network, a trading platform it says is better suited to institutional needs. The first application, Ondo Perps, will let users trade perpetual futures using tokenized assets as collateral, separating fast, private trade execution from settlement on public blockchains. The pivot comes as Ondo, already a major issuer of tokenized U.S. Treasuries and equities,

Perpetual futures have become one of crypto's defining financial products, but DRW CEO Don Wilson says much of what people think they know about them is wrong. In a series of posts on X, Wilson argued that perpetual futures — or "perps" — are simply futures contracts without an expiration date. The features often associated with crypto perpetuals, such as high leverage, auto-deleveraging (ADL) and around-the-clock trading, are characteristics of how some crypto exchanges chose to implement the p

(Spencer Platt/Getty Images) BlackRock, Fidelity, Franklin Templeton, Goldman Sachs and SoFi have publicly endorsed the Clarity Act in recent days. The bill has exposed a divide on Wall Street, with JPMorgan backing changes opposed by Coinbase and the broader crypto industry. The Senate faces a shrinking timeline to advance the legislation before its August recess. The biggest names on Wall Street are lining up behind the Digital Asset Market Clarity Act, marking one of the strongest public show