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The Big Story
DTCC Launches Trial To Tokenize US Stocks And Treasuries With Wall Street Giants. The Depository Trust and Clearing Corporation is moving ahead with limited production trades of tokenized U.S. Treasury and equity securities, backed by major Wall Street firms. The pilot marks what DTCC describes as its largest tokenization initiative by breadth of participation and could reshape how traditional securities settle onchain. Ondo Finance has already issued the first tokenized stocks via the DTCC Tokenization Service, pushing $ONDO up nearly 20% in 24 hours.
Breaking News
Japan just cut its crypto tax from 55% to 20%. Japan's parliament enacted legislation moving crypto regulation under the Financial Instruments and Exchange Act, slashing the top marginal tax rate for crypto gains from 55% to 20% and aligning digital assets with traditional securities.
Crypto(.)com Secures $400M Investment From Citadel Securities. Citadel Securities invested $400 million in Crypto.com at a $20 billion valuation, marking the exchange's first institutional fundraising round since its 2016 founding and signaling growing Wall Street appetite for crypto infrastructure plays.
Trump Claims China Stole 220M US Voter Files In 'Largest Compromise'. President Trump alleged in a White House address that China illicitly acquired 220 million U.S. voter files in what he called the largest election data breach in American history, raising fresh questions about the security of centralized databases.
Ripple Warns Rejecting CLARITY Act Would Prolong Crypto Uncertainty. Ripple executives warned lawmakers ahead of an expected Senate floor vote that rejecting the Digital Asset Market Clarity Act would leave millions of crypto holders exposed to regulatory gaps that have enabled past misconduct.
Top Stories
JPMorgan Sees Encouraging Bitcoin Outlook As Strategy Builds Cash. JPMorgan pointed to two signals for cautious optimism on Bitcoin: a growing cash buffer at Strategy that eases forced-sale fears, and resilient institutional demand in Bitcoin futures markets. The bank's analysts noted that Strategy's improved liquidity position reduces the risk of distressed BTC sales, even as the company continues its aggressive accumulation strategy. Meanwhile, Bitcoin ETF flows flipped positive this week with nearly $289 million in net inflows across Monday and Tuesday.
BlackRock Accumulates $47B+ For Its Spot $BTC ETF. BlackRock's iShares Bitcoin Trust (IBIT) has accumulated 734,762 BTC valued at approximately $47.1 billion, cementing its position as the dominant spot Bitcoin ETF by assets. The vehicle's growth comes as institutional appetite for regulated Bitcoin exposure continues to expand despite broader market volatility. BlackRock separately crossed $15 trillion in total assets under management for the first time in Q2 2026, a threshold no investment firm has reached before.
ESMA Adds Ripple & 13 Others To Interim MiCA Register. European Securities and Markets Authority added 14 new Crypto-Asset Service Providers to its interim MiCA register, bringing the total number of licensed entities operating within the EU to 294. High-profile additions include Ripple, which can now offer payments and other crypto services across Europe under the bloc's unified regulatory framework. The expansion comes as the EU's anti-money laundering authority warned that mass user migration following the end of the MiCA transitional period could strain compliance systems.
Deep Dive of the Week
Grayscale Picks Its Most Promising Tokenization Blockchains. Grayscale has named the five blockchains it believes are best positioned to capture the growth of tokenized real-world assets, offering a framework for evaluating which networks are winning the infrastructure race for onchain finance. The report arrives as tokenization pilots accelerate across Wall Street.
By the Numbers
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$20 billion — Crypto.com's valuation following Citadel Securities' $400M investment, marking the exchange's first institutional round since 2016.
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$47.1 billion — Total Bitcoin held by BlackRock's IBIT ETF, now the largest spot Bitcoin vehicle by assets with 734,762 BTC accumulated.
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294 — Total licensed Crypto-Asset Service Providers operating under the EU's MiCA framework after ESMA added 14 new entities including Ripple.
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20% — Japan's new top crypto tax rate under the Financial Instruments and Exchange Act, down from the previous 55% marginal rate.
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$1 billion — Private credit assets Tradable is migrating to the Stellar blockchain from ZKsync, deploying USDC and tokenized credit instruments.
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300,130 — Total real-world asset holders on Solana, making it the largest blockchain by RWA holder count after crossing 300,000 for the first time.
On Our Radar
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Bitcoin Japan raises $60M. The Tokyo Stock Exchange-listed company is moving to raise up to $60 million through convertible bonds and warrants to fund its first Bitcoin treasury purchases.
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DOJ warns on CLARITY Act. The Justice Department's Criminal Division raised concerns that a key provision of the Digital Asset Market Clarity Act could limit its ability to pursue crypto-related money laundering cases.
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Ondo partners with SBI. Ondo Finance and Japan's SBI Group entered a strategic partnership to bring Japanese real-world assets onchain, connecting domestic capital markets with the global tokenized economy.
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ZachXBT slams Ledger. Onchain investigator ZachXBT called hardware wallets unsuitable for critical transactions, reserving his sharpest criticism for Ledger as "the worst option available."
Until Monday.