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Gold and Silver Rallies Spark Breakout in RWA Perpetual Futures
This week, trading activity in so-called real-world asset (RWA) perpetual futures surged to record levels, led by silver and gold contracts. On Hyperliquid, crypto’s leading decentralized trading platform, daily RWA perp volumes hit $2.5 billion for the first time.
Interview: Behind Bitwise's Move Into Onchain Vaults — with Bitwise and Morpho
In this interview, Bitwise’s Head of Multi-Strategy Solutions & DeFi Strategies Jonathan Man and Morpho CEO Paul Frambot discuss why Bitwise is launching its first non-custodial onchain vault, how vaults are emerging as a core primitive for institutional asset management, and what is still required for vaults to reach true institutional scale.
Market Structure Bill Markup Postponed After Coinbase Pulls Backing
What was shaping up to be a pivotal week for U.S. crypto regulation took an unexpected turn on Wednesday. After months of bipartisan negotiations, the market structure bill’s path forward hit a setback when crypto giant Coinbase pulled its support for the Senate Banking Committee’s long-awaited draft, citing core issues around DeFi, privacy, and stablecoin yield.
Kraken Brings xStocks Inhouse with Acquisition of Backed
On Tuesday, Kraken announced the acquisition of Backed Finance AG, the Swiss tokenization specialist behind the xStocks standard for tokenized equities. While financial terms were not disclosed, the deal marks Kraken’s fifth acquisition in 2025 and follows its recent $800 million capital raise valuing the exchange at $20 billion.
Robinhood Acquires U.S. Derivatives Exchange, Doubles Down on Prediction Markets
On Tuesday, Robinhood announced the acquisition of the U.S. derivatives exchange MIAXdx. The move deepens the neobroker’s push into prediction markets by providing it with the necessary CFTC licenses to originate and clear event contracts on its own platform, eliminating dependence on third-party infrastructure.
Circle Launches xReserve for USDC-Backed Stablecoins
On Tuesday, stablecoin giant Circle introduced xReserve, a new service that lets blockchain teams launch their own stablecoins backed by USDC. The offering is designed to help new networks bootstrap stablecoin supply without waiting for native USDC issuance, which has historically been both costly and slow to integrate.
Canton Network Builds Momentum Amidst $540 Million Treasury Vehicle
On Monday, U.S.-listed biotech company Tharimmune announced a $540 million fundraise to establish a digital asset treasury (DAT) centered on Canton Coin, the yet-to-be-listed native token of the Canton Network. Participants of the deal include major firms such as DRW Holdings, ARK Invest, Tradeweb, and Kraken.
Hyperliquid Activates HIP-3, Opening Onchain Perpetual Markets for Equities and Beyond
Two weeks ago, Hyperliquid, crypto’s leading decentralized trading platform, activated its long-awaited HIP-3 upgrade. The update made Hyperliquid the first protocol to let anyone permissionlessly deploy onchain perpetual markets, enabling futures contracts that trade without expiry for any asset, including crypto, equities, and commodities.