Crypto Outlook

DBS and Citi have carried out the first weekend US dollar payment between Singapore and the United States via tokenized deposits Citi’s New York office completed the transaction in just a few minutes through SWIFT. By contrast, traditional cross-border payments can take up to two business days. This transaction eliminates delays caused by weekends and time-zone differences, which can slow payments. The new system allows institutions to transfer money outside traditional banking hours. This capability is intended for companies operating across different jurisdictions, including in e-commerce and digital services. In July, Citi joined SWIFT’s pilot project for cross-border tokenized deposits. In addition, the institution is part of a group of US banks planning to launch a tokenized deposit network in 2027.

The attacker who attacked the Liquid Network returned 3.4 thousand BTC ($272 million) The hacker withdrew 4 thousand BTC ($320 million) from the protocol. The transaction included sending 4 thousand LBTC to its peg service. These are wrapped BTC from the Liquid Network. The service burned the tokens using valid peg authorization, after which the Liquid Federation paid out 3,996 BTC to the hacker’s bitcoin address. Blockstream determined that the LBTC was created due to a software error. The trading platform stated that its systems and the peg authorization key were not compromised. After that, the hacker demanded that the bug be fixed and returned 3.4 thousand BTC to them, keeping 598.5 BTC ($47.9 million) — 15%.

The IMF confirmed that El Salvador stopped buying BTC after the start of the loan program El Salvador has not used state resources for its crypto reserve since the fund’s credit program was revised in June 2025. At the same time, the country continues to accumulate 1 BTC per day, holding 7.8 thousand BTC ($614.7 million). The country ranks 5th among states by BTC holdings. However, the new purchases are financed through private donations. The IMF also said that the controlling stake and operational management of the Chivo wallet were transferred to a private operator. At the same time, the government retained a minority stake and custodial responsibilities. The IMF emphasized that no further accumulation of funds, beyond documented donations, is expected.

The United States and the United Kingdom have created a joint alliance to combat cryptocurrency scam centers. Law enforcement agencies in the two countries will conduct parallel investigations, exchange information, and discuss which jurisdictions should bring specific cases. The parties have already identified overlapping cases and plan to carry out an operation in London in early October. It will be implemented together with private-sector partners. This agreement is the first fully fledged international treaty aimed at foreign cryptocurrency scam centers. From September 2023 to December 2025, the U.S. Treasury identified transactions linked to them totaling $12.7 billion.

South Korea to build infrastructure for securities tokenization starting in 2027 The Financial Services Commission (FSC) has presented a three-stage action plan. From February 4, 2027, tokenized securities will be legally recognized as digital forms of securities. They will include institutional money market funds, bonds, over-the-counter shares, and fractional shares. In the second stage, tokenization will be extended to all publicly offered securities. The third stage calls for the introduction of blockchain-based payments using stablecoins. The FSC plans to finalize the timeline and details of the last two stages by the end of September. The regulator will develop the rules together with the Korea Securities Depository (KSD).

BIS chief called stablecoins unsuitable for mass payments — the same week, 21 financial institutions from Goldman Sachs to UBS created their issuer. Crypto Recap No. 161 Week 37, August 31 – September 6, 2026 The infrastructure of digital money is being divided up by banks, exchanges, and regulators. The world’s largest financial institutions have joined forces to launch their own stablecoin, the operator of the NYSE bought access to tokenization patents, and a global bank opened a spot crypto desk in Dubai. A US regulator brought fintech into the banking system through a federal license. Banks are building stablecoins and tokenization for themselves Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, Fidelity, and 13 other institutions announced on September 2 the creation of an issuer company. The dollar stablecoin is set to launch in the first half of 2027, followed by tokens in G7 currencies. On August 31, the chief of the Bank for International Settlements (BIS), Pablo Hernández de Cos, said that tokenized deposits are preferable for mass payments, while dollar tokens could undermine monetary sovereignty and make bank funding more expensive. A banking license is becoming a ticket into crypto Crypto services are shifting to holders of banking licenses, while fintechs are obtaining those licenses. On September 6, the US Office of the Comptroller of the Currency (OCC) conditionally approved Revolut’s banking license. On September 4, Standard Chartered launched spot BTC and ETH trading for institutional clients through an entity in the Dubai International Financial Centre (DIFC). Prediction markets are being divided between the CFTC and the states States, exchanges, and a federal agency are suing over the right to regulate prediction markets. On September 3, New Jersey Attorney General Jennifer Davenport appealed to the US Supreme Court a ruling in favor of Kalshi. The court will determine whether sports betting is regulated by the US Commodity Futures Trading Commission (CFTC) or by the states; if the case is accepted, a ruling is expected in summer 2027. On September 4, the CFTC asked for CME’s lawsuit over Kalshi’s perpetual BTC futures to be dismissed, calling the claims unfounded.

Revolut receives conditional approval for a U.S. banking license from the OCC If fully approved, it will allow the company to offer banking products directly to customers in the United States. These will include services ranging from loans and stablecoins to credit cards. OCC Chief Jonathan Gould said that organizations involved in cryptocurrencies and other innovative technologies should be able to become banks. He added that such oversight should be federal. Since 2025, the OCC has received 40 applications for new charters and approved 21 of them, while rejecting 2. Earlier, Revolut obtained banking licenses in France, Australia, and the United Kingdom.

Standard Chartered launches spot trading in BTC and ETH in the UAE The bank will provide services through its entity regulated by the Dubai International Financial Centre (DIFC). This makes Standard Chartered the first global and systemically important bank to offer institutional digital asset trading in the region. The electronic trading channels will be integrated into the bank’s existing platforms. Dubai’s crypto regulator has also signed an agreement with Securitize to promote tokenization infrastructure in the UAE and Dubai. The memorandum will encourage participation by institutional investors and strengthen Dubai’s digital asset ecosystem.

CFTC has filed a motion to dismiss CME’s lawsuit over the approval of perpetual cryptocurrency futures The agency says CME’s claims of competitive harm are legally unfounded. In May, the CFTC approved a perpetual BTC futures contract on Kalshi. At the same time, the agency allowed other companies operating under a DCM structure to offer similar contracts. CME argues that such products should be classified as swaps. Accordingly, the CFTC bypassed the rules in order to grant this approval. However, the agency maintains that the differences in regulation and taxation of these products are not significant enough. It also notes that CME is permitted to list the same perpetual futures as Kalshi. The CFTC points out that any potential harm could have been caused solely by CME’s own actions. Moreover, cryptocurrency futures trading volume on CME increased after Kalshi’s application was approved.

Thai businessmen have filed a lawsuit against Tether over the freezing of 42.4 million USDT The company blocked the funds in October 2025 after an unofficial request from the U.S. Homeland Security Investigations agency. The plaintiffs claim that U.S. authorities did not issue a seizure order until February 2026. The freeze took place as part of an investigation into a $61 million fraudulent scheme. The order instructed that the tokens be burned and reissued to a government electronic wallet. At the same time, the plaintiffs do not dispute their involvement in the investment fraud scheme. They are challenging the authority of stablecoin issuers to freeze funds. In addition, they are demanding that their assets be unfrozen and that any potential penalties be paid out to them. This week, Thailand’s SEC issued new cryptocurrency rules aimed at preventing money laundering. They will come into effect on February 27, 2027.

G20 members say there are “clear pathways” for digital asset innovation At a gathering of the US-led group, members of the organization acknowledged the “transformative role” of digital asset innovation. The organization also urged countries to improve cross-border payments and streamline the transfer of data related to financial services. The G20 said it is committed to advancing responsible and effective regulatory and supervisory frameworks. At the same time, it emphasized the need to preserve financial stability and support economic growth. In addition, the organization is awaiting results from the Financial Stability Board. These concern stablecoins, including their accessibility and potential risks.

New Jersey authorities have filed a petition with the Supreme Court to determine who will regulate sports betting in prediction markets. State Attorney General Jennifer Davenport intends to appeal the appellate court’s ruling, which came down in favor of Kalshi. The motion is tied to New Jersey’s demand that the platform cease operations in the state due to violations of the state’s gambling laws. The Supreme Court will decide who should regulate prediction markets: the federal agency CFTC or the states individually. The Court’s decision will form the basis for other legal disputes between the CFTC and the states over prediction markets. If the Court agrees to hear the case, a ruling is expected in the summer of 2027.

Ireland has excluded cryptocurrencies from new tax-advantaged investment accounts The country’s Ministry of Finance plans to launch new accounts in 2027 to encourage retail investment. However, the exact launch date has not yet been determined. The tax rate and the tax-free allowance will be announced in Ireland’s 2027 budget. The new accounts will allow Irish residents to invest in stocks, bonds, ETFs, and other investment funds. Cryptocurrencies and derivatives will be excluded. The government classifies them as “extremely complex and risky” products.

1789 Capital, linked to Donald Trump Jr., led a $1 billion funding round for Polymarket The company invested $300 million in the platform at a $21 billion valuation. Its total investment in Polymarket has now risen to $500 million. This makes the firm one of the largest backers in the prediction markets sector, behind NYSE parent ICE ($2 billion). ICE owns 22% of all outstanding shares, or 14% on a fully diluted basis. Polymarket’s latest valuation is lower than that of its competitor Kalshi ($22 billion). However, the company has raised a total of $3.9 billion, compared with Kalshi’s $2.8 billion. Polymarket was the first to alert Trump’s team that they were leading in the presidential election.

A group of 21 major financial institutions plans to create a new company to develop and issue stablecoins. The consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. Initially, they plan to launch a dollar-denominated stablecoin in the first half of 2027. At the same time, the group plans to expand into other G7 currencies, with priority given to a euro token. The stablecoin will target wholesale, institutional, and retail markets. It will enable cross-border payments and settlements for digital assets. At the same time, their products will comply with the U.S. GENIUS Act and the EU’s MiCA.

Kalshi has permanently banned a user from its platform for the first time Former Congressman George Santos placed a bet on whether he would attend the president’s address to Congress. He is also required to pay a $71,000 fine. Previously, Santos reached an agreement with the CFTC. The agency alleged that two weeks before the congressional address, he made public statements about whether he would attend it. This led to significant price swings in the contract tied to the event. He was then ordered to pay $35,000 as part of the settlement. Santos neither admitted nor denied the agency’s allegations.

NYSE parent company creates infrastructure for tokenized securities in partnership with tZERO ICE participated in tZERO’s funding rounds, although the exact amounts raised have not been disclosed. ICE will gain access to tZERO’s 103 blockchain patents. They cover compliance-related transfers, smart contracts, and corporate finance. tZERO holds a digital asset custody license and competes with Securitize and Superstate in the tokenization space. In addition, the company has filed a lawsuit against Securitize over patent rights. ICE and tZERO are also exploring the use of tZERO’s tokenized assets. They may be used to manage collateral at ICE clearinghouses and other affiliated entities.