Crypto Industry News & Market Trends

NUSD supply falls 76% from February level

NUSD supply has fallen by about 76% from the $226 million level documented in February to $53.6 million as issuer Neutrl has suspended redemptions while assessing an undisclosed issue affecting its reserves.　　Neutrl said Thursday that unspecified circumstances had affected protocol reserves, prompting it to pause NUSD minting and redemptions as well as other functions on legal advice. The protocol has not identified the affected asset or counterparty, disclosed whether the event caused a realized loss, or provided a timeline for restarting operations.　　Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is…　　The current $53.6 million supply compares with approximately $226 million recorded by risk-advisory team BA Labs during an assessment in February. RWA.xyz data also showed that NUSD supply fell 18.4% over the latest 30-day period, although neither dataset establishes that the contraction resulted from the reserve issue disclosed this week.　　NUSD remained close to its intended dollar value despite the suspension. RWA.xyz priced the synthetic dollar at about $0.9984 on Friday, while monthly transfer volume had fallen 72.4% to $71.4 million.　　NUSD

08-14Industry

Solana Alpenglow upgrade targets 150ms finality in October

Solana is preparing to replace TowerBFT with Alpenglow, a new consensus design that targets roughly 150 millisecond finality, down from about 12.8 seconds today.　　The latest official roadmap, however, does not confirm a September activation. Solana Foundation says Alpenglow is expected to activate with Agave 4.3, which is targeted for October 2026.　　The distinction matters because an Aug. 14 discussion around Solana co-founder Anatoly Yakovenkos comments revived claims that the upgrade could arrive as soon as September. Yakovenko said finality is “really only important at the cash register,” referring to situations where users or merchants need stronger certainty that a transaction cannot be reversed. His post did not announce a mainnet date.　　Finality is really only important at the cash register. Market makers dont wait for the finality signal before updating their prices. They assume all txs will finalize and deal with rollback when it happens, which is basically never.　　Solana Alpenglow now points to October, not September　　Solana Foundations Agave 4.2 overview says the full Alpenglow code is already included in 4.2 for testing and hardening. It states clearly that Alpenglow will not activate on mainnet in Agave 4.2 and is instead expected in Agave 4.3, “targeted for October 2026.”　　Anza released Agave 4.2.0 as

08-14Industry

SEC delays Regulation Crypto meeting with no new date

The U.S. Securities and Exchange Commission cancelled its Aug. 14 open meeting on Regulation Crypto late Thursday, delaying a vote on whether to publish proposed rules for certain crypto asset offerings.　　The meeting had been scheduled for 10:00 a.m. ET and contained one agenda item: a tailored offering regime for certain investment contracts involving crypto assets. The SECs official notice confirms the meeting was cancelled.　　The cancellation should not be read as the SEC withdrawing Regulation Crypto. The formal notice gave no reason or replacement date. An agency spokesperson separately told Reuters that the meeting would be moved “due to an unforeseen scheduling issue.” No new meeting date has been announced.　　SEC Regulation Crypto remains in the rulemaking pipeline　　The strongest evidence that the proposal remains active comes from the federal regulatory review system. Reginfo.gov currently lists the SECs “Crypto Assets” proposal, RIN 3235-AN38, as pending review. The proposed rule was received on Aug. 12, two days before the planned Commission meeting, and has no legal deadline.　　The SECs Aug. 10 agenda described the planned action more narrowly than some reports. Commissioners were to decide whether to issue a proposal creating a tailored offering regime for certain crypto investment contracts. As crypto.news reported when the

08-14Industry

Kalshi, Polymarket sued by Baltimore over sports event contracts

Baltimore has sued Kalshi and Polymarket over alleged unlicensed sports betting, with its case against Kalshi also naming Coinbase, Robinhood and Webull over their role in distributing sports event contracts.　　According to complaints filed Thursday by Mayor Brandon Scott and the Baltimore City Council in Baltimore City Circuit Court, the prediction market operators allegedly violated the citys Consumer Protection Ordinance by making sports contracts available without the licenses required for sports wagering.　　Baltimore says prediction markets operate like sportsbooks　　At issue are contracts tied to sporting events that Baltimore says function in much the same way as bets sold by licensed sportsbooks. The citys complaints cite markets covering game winners, point spreads and individual player performances.　　Baltimore alleges that Kalshi and Polymarket have offered these products while avoiding state licensing requirements, taxes and consumer safeguards imposed on regulated sports betting companies.　　“These companies are running sportsbooks without licenses and betting that a new label will put them above the law,” Scott said. “It wont.”　　The dispute adds Baltimore to a series of state and local challenges over whether sports event contracts fall exclusively under federal derivatives rules or can also be regulated under state gambling laws.　　A similar case emerged in Kentucky in June, when state Attorney

08-14Industry

Bitwise taps Superstate to tokenize shares of select crypto funds

Bitwise Asset Management has partnered with Superstate to develop a system that could let investors hold shares of certain Bitwise funds as blockchain-based tokens, with its Solana staking ETF expected to be the first product considered for the structure.　　SummaryBitwise has partnered with Superstate to develop blockchain based ownership records for shares of certain funds.The Bitwise Solana Staking ETF is expected to be the first fund considered for tokenization, although its launch is not guaranteed.Investors could choose between traditional book entry shares and tokenized shares while retaining the same shareholder rights.The partnership follows Bitwise cutting 14% of its staff, reducing its global headcount to about 155.　　Bitwise said Thursday that the planned framework would change how ownership of fund shares is recorded without changing the rights attached to the shares or the channels investors use to purchase them.　　Under the proposed setup, shareholders could choose between holding their shares through the Depository Trust Company in traditional book-entry form or having their ownership recorded on a blockchain using Superstates transfer agency infrastructure.　　“Shareholders could then elect to hold those shares either in traditional book-entry form through The Depository Trust Company or in tokenized form recorded on a blockchain and maintained through Superstates transfer agency infrastructure,”

08-14Industry

JPMorgan ended Polymarket banking relationship in 2025

JPMorgan Chase ended its banking relationship with prediction market Polymarket in October 2025 over regulatory concerns and told the company to find another bank, the Financial Times reported on Aug. 14.　　Polymarket has since moved to an unidentified banking partner.　　The account closure did not end all business between the companies. Polymarket told the FT it maintains “a close, active relationship with JPMorgan across multiple entities, operational integrations and material handling of customer fund flows.” JPMorgan declined to comment. The companys description of the remaining relationship has not been independently detailed publicly.　　JPMorgan debanked Polymarket over regulatory concerns　　JPMorgan‘s exit came during Polymarket’s U.S. transition　　The timing matters because Polymarket was still rebuilding its U.S. regulatory position. The CFTC order in January 2022 required Blockratize, the company behind Polymarket, to pay a $1.4 million civil penalty and wind down markets that did not comply with federal derivatives law.　　By October 2025, the company had acquired QCX and QC Clearing and secured a CFTC staff letter granting narrow no action relief on certain reporting and recordkeeping requirements. The CFTC registry currently lists QCX LLC, doing business as Polymarket US, as a designated contract market. The Commission amended its designation in November to permit futures commission merchant intermediation.　　Polymarket

08-14Industry

Gemini posts $107.7M Q2 loss as spot volume drops 66%

Gemini Space Station reported a $107.7 million net loss for the second quarter ended June 30, extending its run to four consecutive quarterly losses since its September 2025 Nasdaq listing.　　SummaryGemini reported a $107.7 million Q2 net loss, its fourth consecutive quarterly loss since IPO.Total revenue rose 37% year over year to $45.5 million, led by expanding services revenue.Spot trading volume fell 66% year over year to $3.8 billion amid weaker crypto markets.Credit card revenue jumped 231% to $16.2 million while total transaction losses reached $20.1 million.Assets on platform declined 54% to $8.4 billion, reflecting valuations and select institutional custody outflows.　　Revenue rose 37% year over year to $45.5 million, but the exchanges core spot trading business weakened sharply as total volume fell to $3.8 billion from $11.3 billion a year earlier.　　The company‘s Aug. 13 SEC filing showed the loss narrowed 19% from $133.2 million in Q2 2025. Gemini’s operating loss was $76.9 million, improving 18% from the first quarter, while operating expenses declined 15% sequentially to $122.4 million. The reduction followed February workforce cuts and exits from several international markets.　　You might also like:　　Gemini sends $10M in Bitcoin to Trump PAC amid CFTC case review　　Gemini Q2 revenue grew as exchange trading contracted　　Transaction

08-14Industry

FG Nexus exits ETH treasury after $45.2M loss

FG Nexus sold all of its digital assets before June 30, ending an Ethereum treasury strategy less than a year after it launched.　　SummaryFG Nexus sold all digital assets before June 30, ending its Ethereum treasury strategy entirely.First-half digital asset operations lost $45.207 million while staking generated only $144,000 in total revenue.ETH sales generated $60.956 million cash, with another $14.983 million receivable fully collected during July.FG Nexus had peaked at 50,770 ETH in September 2025 before beginning its treasury unwind.Management plans to redirect capital toward manufactured housing, though no definitive FG Communities deal exists.　　The Nasdaq-listed company disclosed the completed exit in its Aug. 12 filing, which reclassified the digital asset business as discontinued operations.　　The filing shows that FG Nexus received $60.956 million in cash from ETH sales during the first half of 2026. A further $14.983 million remained receivable at June 30 and was collected in July. The company held no cryptocurrency at quarter end.　　You might also like:　　FG Nexus offloads 10,000 Ethereum as treasury losses exceed $100M　　FG Nexus records $45.2M loss from digital asset exit　　FG Nexus reported a $45.207 million loss from its discontinued digital asset operations for the first six months of 2026. The total included a $41.167 million loss

08-14Industry

CFTC to join SEC in exploring crypto regulations without CLARITY bill

The US Commodity Futures Trading Commission (CFTC) announced a committee meeting to advise the agency on policy issues, including a potential exploration of how to address cryptocurrency regulation in the absence of congressional action.　　In a notice issued Thursday, the CFTC said it would hold a meeting for its Innovation Advisory Committee on Aug. 20 to address regulation related to crypto assets, AI and prediction markets. Among the potential topics to be discussed on crypto were “areas where regulatory action can complement future congressional legislation,” likely referring to the US Senate failing to advance the Digital Asset Market Clarity (CLARITY) Act before breaking for an August recess last week.　　The CFTC announcement followed a similar notice of a meeting to be held by the US Securities and Exchange Commission (SEC) on Friday. The agenda said that it intended to discuss “new rules to create a tailored offering regime for certain investment contracts involving crypto assets.” A spokesperson added that it would support Congress effort to pass a market structure bill, but until such a law was passed, the SEC would work “within [its] authority” to advance crypto regulation.　　Michael Selig remains the only Senate-confirmed CFTC commissioner and chair, with no indication that US

08-14Industry

MUFG PoC to bring Japanese government bond repo transactions onchain

Four MUFG companies plan to bring Japanese government bond repo transactions onchain using the Canton Network, as part of a new proof of concept (PoC).　　The four companies, including MUFG, Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ Trust and Banking and MUFG Bank, will collaborate with Digital Asset Holdings and Progmat for the PoC, according to a Thursday announcement.　　The companies said they seek to improve operational efficiency through automation of the transaction lifecycle, enable real-time intraday settlement 24/7, as well as enhance funding and capital efficiency.　　The initiative is part of the Payment Innovation Project pilot announced by Japans Financial Services Agency in February 2026, aimed at helping fintech firms run PoCs on advanced payment technologies such as blockchain-based solutions, stablecoins, tokenization and onchain settlement.　　MUFG has been extending its push into blockchain. In June 2023, the financial services firm announced that its stablecoin issuance platform “Progmat Coin” will be used by banks to launch Japanese yen-pegged stablecoins on several public blockchains.　　MUFG dropped its blockchain payments project GO-Net Japan in February 2022 to focus on its stablecoin initiatives.　　Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure

08-14Industry

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