Strategy - Page 5

In a month, a 50/50 ICE–OKX venture published a venue notice under the SEC's Innovation Exemption, Robinhood promised share redemption and voting after AMC's criticism, Ondo connected to DTCC's Fund/SERV and added in-kind conversion, and Aave began lending USDC against Coinbase share tokens. Two questions run through all of it: what do holders actually own, and who can use it?

Between 22 and 24 September six Canadian banks began exploring a CAD tokenised-deposit network, The Clearing House picked Quant for a US network due in the first half of 2027, and IBM connected its Digital Asset Haven to Swift's shared ledger in beta. Banks are building shared rails for bank money on ledgers, and most of it is still at the pilot stage.

In one month UK authorities named collateral mobility as tokenisation's near-term prize and asked about tokenised gold, CFTC staff updated their FAQs on tokenised customer-fund investments, ESMA proposed an optional EU "28th regime" for tokenised securities, and an ICE–OKX venture published a notice under the SEC's Innovation Exemption. What is rule, what is guidance and what is only a proposal.

In one month the Eurosystem launched Pontes to settle tokenised assets in central bank money, Hong Kong priced about HK$20 billion of digital green bonds with tokenised-deposit settlement, and India issued ₹1,025 crore of tokenised corporate bonds settled in wholesale e₹. What each step is, and what is still only planned.

Sui reports 40.6 million transactions per second through off-chain "tunnels", not its base chain, and says Hashi, its Bitcoin collateral layer, goes live this month. Polygon's payments stack adds TRON's USDT. Lido contributors propose a security-first lending market that still needs a DAO vote. What each claim does and does not mean.

The IMF says tokenised assets are about $65bn and pose limited systemic risk today, but 24/7 trading and automatic liquidations could spread stress faster. Korea plans a tokenised government bond pilot. Spiko raises $90m for tokenised cash funds, OSL tokenises a professional-only stablecoin strategy fund, and Stove's share tokens reach UniswapX.

A GAO audit found none of 24 major US agencies had fully done three basic steps to prepare for quantum-safe encryption, and only one had a complete inventory of vulnerable systems. The same day, Chrome 155 gave web developers built-in post-quantum algorithms and OpenSSH 10.6 added quantum-resistant login signatures; Surfshark says its WireGuard VPN is now post-quantum for authentication too. What each means, and why quantum-safe website certificates are a separate, later job.

Bitcoin slipped below $83,000 as Brent rose above $102 on an Iran strike-plan report, a day after about $550m of leveraged bets were liquidated. Robinhood added $25m of bitcoin to its balance sheet, and Ledger launched self-custodial bitcoin-backed loans via Morpho. What happened, what each move means, and the risks. No price predictions.

Europol’s cybercrime centre says the quantum threat to crypto sits with exposed wallet keys, not blockchains, and urges a phased upgrade now. Separately, Ethereum researcher Justin Drake calls for “bunker mode” over AI-driven maths, with Vitalik Buterin backing caution. What is analysis, what is opinion, and what has not been broken.

Coinbase completes its Deribit integration, opening options and perpetual futures to eligible US institutions; the Bank of Russia publishes its first registers of licensed crypto exchanges and custodians, including Sberbank and VTB; and Rep. French Hill says SEC and CFTC rules “fall short” of the CLARITY Act. What changed, and what is still pending.