GameStop has transferred its entire Bitcoin stash to Coinbase Prime, triggering fresh speculation that the video game retailer may be preparing to unwind its short-lived Bitcoin treasury strategy.

Blockchain analytics firm CryptoQuant flagged the move on Friday after identifying a wallet labeled as belonging to GameStop that sent all 4,710 BTC, worth roughly $420 million at current prices, to Coinbase’s institutional trading platform.

“GameStop throws in the towel?” CryptoQuant asked in a post on X, suggesting the transfer was “likely to sell.”

GameStop Faces Potential $75M–$85M Loss on Bitcoin Bet if Sold

If liquidated near recent market prices, the sale would lock in a sizable loss.

CryptoQuant estimates GameStop accumulated its Bitcoin in May at an average price of around $107,900 per coin, implying unrealized losses of roughly $75 million to $85 million, depending on execution price.

GameStop announced its Bitcoin purchase earlier this year after CEO Ryan Cohen met with Strategy chairman Michael Saylor in February to discuss corporate crypto treasury models.

At the time, the move aligned the meme-stock retailer with a growing group of public companies experimenting with digital assets as balance-sheet holdings.

Since the transfer, GameStop has not publicly confirmed whether it has sold or intends to sell the Bitcoin.

While moving funds to Coinbase Prime often precedes a sale, given the platform’s deep liquidity and execution tools, such transfers do not always signal imminent liquidation.

Coinbase Prime also provides custody and wallet management services through its regulated trust business, leaving open the possibility of an internal restructuring.

The timing has fueled debate. Corporate Bitcoin treasuries surged in popularity throughout 2024 and early 2025, but the model has faced growing scrutiny as crypto prices pulled back sharply in recent months.

Several firms that adopted similar strategies are now sitting on steep paper losses, prompting some to trim holdings to shore up balance sheets.

Ethereum-focused ETHZilla, for example, recently disclosed selling part of its Ether reserves to reduce debt.

Cohen Stock Purchase Lifts GameStop Shares as Bitcoin Questions Swirl

The transfer also coincides with renewed activity from Cohen himself.

A regulatory filing this week revealed the CEO purchased an additional 500,000 GameStop shares worth more than $10 million, helping push GME shares up over 3% on Thursday.

The stock move added another layer of intrigue, with some investors viewing the buy as a vote of confidence amid uncertainty around the company’s crypto exposure.

Despite the recent pressure, corporate crypto treasuries remain embedded in traditional markets.

Earlier this month, MSCI opted not to remove digital asset treasury companies from its indexes, a decision that spared firms like Strategy from potential billions in passive outflows.

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Support is growing for a Bitcoin proposal that would temporarily limit the amount of data embedded in transactions, as a debate over network spam and node decentralization intensifies.

Bitcoin Improvement Proposal 110 (BIP-110) is currently signaling support from 583 nodes, or about 2.38% of the network, according to data from The Bitcoin Portal.

Out of roughly 24,481 reachable nodes, those backing the proposal are primarily running Bitcoin Knots, an alternative node implementation often favored by operators critical of recent changes to Bitcoin Core.

BIP-110 Proposes One-Year Cap on Bitcoin Transaction Data

BIP-110 proposes a temporary soft fork that would reintroduce strict limits on transaction data at the consensus level.

Specifically, it caps transaction output sizes at 34 bytes and restricts OP_RETURN data, a script used to embed arbitrary information into transactions, to 83 bytes.

The soft fork is designed to last for one year, after which the limits could be extended, modified or allowed to expire.

The proposal emerged in response to changes introduced in Bitcoin Core version 30, released in October 2025.

That update removed the long-standing 83-byte limit on OP_RETURN data following a pull request first introduced earlier in the year.

The move was controversial and met with widespread criticism from parts of the Bitcoin community, which argued the change was made without sufficient consensus.

OP_RETURN has long been a flashpoint in Bitcoin governance debates. While it enables use cases such as timestamping and metadata anchoring, critics say uncapped data fields encourage blockchain spam and non-financial use of block space.

Larger data payloads increase storage and bandwidth requirements for nodes, raising concerns that running a full node could become cost-prohibitive for everyday users.

Critics of the Core update argue that higher hardware demands risk undermining one of Bitcoin’s defining features, which is the ability for individuals to verify the network using consumer-grade hardware.

As node operation becomes more expensive, they warn, the network could drift toward greater centralization.

Bitcoin educator Matthew Kratter compared unchecked data usage to a parasitic threat. He has argued that excessive spam could overwhelm the network’s underlying structure, weakening Bitcoin’s resilience over time.

BIP-110 Backers Frame Proposal as Temporary Fix

Supporters of BIP-110 see the proposal as a corrective measure rather than a permanent policy shift.

By making the soft fork explicitly temporary, its authors aim to give the network time to assess the impact of restored limits without locking Bitcoin into a long-term rule change.

Others remain unconvinced. Bitcoin Core contributor Jameson Lopp has defended the removal of OP_RETURN limits, arguing that artificial caps do little to deter spam and may instead push unwanted activity into other parts of the protocol.

From this view, market fees should determine how block space is used.

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US spot Bitcoin exchange-traded funds recorded their weakest performance in nearly a year, shedding $1.33 billion in net outflows during a shortened four-day trading week, according to data from SoSoValue.

The pullback marks the worst weekly showing since February 2025 and reflects a sharp reversal in investor sentiment after strong inflows the previous week.

The outflows follow a period of optimism, when spot Bitcoin ETFs pulled in $1.42 billion in net inflows.

Midweek Bitcoin ETF Outflows Surge as $709M Exits in Single Day

Selling pressure peaked midweek. Wednesday alone saw $709 million exit Bitcoin ETFs, making it the heaviest outflow day of the week.

Tuesday followed closely behind with $483 million in redemptions. Outflows eased toward the end of the week, with $32 million leaving on Thursday and $104 million on Friday.

The magnitude of the withdrawals echoes the turbulence seen in late February 2025, when Bitcoin ETFs lost $2.61 billion in a single week during a sharp market downturn.

That episode, often referred to by analysts as the “February Freeze,” coincided with Bitcoin’s drop from above $109,000 to below $80,000 and included a record $1.14 billion single-day outflow on Feb. 25.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets under management, posted outflows on all four trading days last week.

Data from SoSoValue shows the fund experienced its heaviest redemptions on Tuesday and Wednesday, accounting for a significant share of the overall decline.

IBIT currently holds about $69.75 billion in net assets, representing roughly 3.9% of Bitcoin’s total circulating supply.

Despite the recent pullback, the broader picture for spot Bitcoin ETFs remains positive.

Since their launch in January 2024, cumulative net inflows stand at $56.5 billion, with total net assets across all US spot Bitcoin ETFs reaching approximately $115.9 billion.

Ethereum ETFs were not spared from the broader risk-off move. Spot Ether ETFs posted $611 million in net outflows for the week, reversing the prior week’s $479 million inflow streak.

Wednesday was again the worst day, with $298 million redeemed, followed by $230 million on Tuesday.

Total net assets for Ether ETFs now sit around $17.7 billion, with cumulative inflows of $12.3 billion since their July 2024 debut.

Solana ETFs Defy Broader Sell-Off as Bitcoin, XRP Funds See Outflows

Not all crypto-linked funds followed the same pattern. Spot Solana ETFs continued to attract capital, recording $9.6 million in net inflows over the week, extending a multi-week positive trend.

Bitwise’s BSOL remained the category leader by assets. Spot XRP ETFs, meanwhile, saw mixed flows, ending the week with $40.6 million in net outflows after a sharp $53 million exit on Tuesday.

The ETF drawdowns come amid signs of shifting market dynamics on-chain. According to a CryptoQuant report, Bitcoin holders have begun realizing net losses for the first time since October 2023.

The firm noted the market has moved from a profit-taking phase into a loss-realization phase, with roughly 69,000 BTC in realized losses since Dec. 23, a pattern reminiscent of past transitions from bull to bear markets.

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The US Securities and Exchange Commission has agreed to dismiss its enforcement case against Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, after investors in its defunct lending program recovered their crypto assets in full.

In a joint filing submitted Friday to federal court in Manhattan, the SEC and Gemini Space Station cited the complete repayment of assets to users of the Gemini Earn program through the Genesis Global Capital bankruptcy process.

The repayments were completed between May and June 2024, according to the court document.

SEC Drops Gemini Case After Earn Investors Made Whole

The regulator said the decision followed the “100 percent in-kind return” of crypto assets to affected investors, meaning customers received the same digital assets they had originally deposited rather than cash equivalents.

Based on that outcome, the SEC concluded that dismissing its claims against Gemini was appropriate.

The case stems from charges brought in January 2023, when the SEC accused Gemini Trust Company and Genesis Global Capital of offering unregistered securities through the Gemini Earn program.

Under the arrangement, Gemini users loaned their crypto to Genesis in exchange for yield, with Gemini acting as the platform intermediary.

At its peak, the Gemini Earn program held approximately $940 million in customer assets.

That balance was frozen in November 2022 when Genesis halted withdrawals amid broader market turmoil following the collapse of several major crypto firms.

Genesis later filed for bankruptcy, triggering months of negotiations among creditors, regulators, and counterparties.

Unlike many firms that failed during the 2022 crypto downturn, Genesis ultimately returned customer assets rather than liquidating holdings and distributing cash proceeds.

That outcome played a central role in the SEC’s decision to unwind its case against Gemini.

SEC Drops Gemini Case as Crypto Policy Softens and Exchange Grows

The dismissal comes amid a broader shift in the SEC’s approach to digital asset regulation under US President Donald Trump.

The administration has signaled a more accommodating stance toward the crypto sector, with Trump publicly pledging to support mainstream adoption of digital assets and ease regulatory pressure on the industry.

In its filing, the SEC stressed that the dismissal does not reflect its position on other crypto-related enforcement actions, underscoring that the decision was specific to the facts of the Gemini case.

The exchange has continued to expand its institutional footprint following the resolution of the Earn dispute.

Gemini made a high-profile debut on Nasdaq last year, reflecting renewed investor interest in regulated crypto platforms as the market rebounds. According to LSEG data, the company is currently valued at approximately $1.14 billion.

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US authorities have arrested former Canadian Olympic snowboarder Ryan Wedding, ending a years-long international manhunt for a figure investigators describe as a major cocaine trafficker who relied on cryptocurrency to move and conceal illicit profits.

Wedding, 44, was taken into custody in Mexico late Thursday and transferred to the United States on Friday, according to US officials.

The former athlete, who competed for Team Canada at the 2002 Winter Olympics in Salt Lake City, had been listed among the FBI’s Ten Most Wanted fugitives, with a reward of up to $15 million offered for information leading to his capture.

Former Olympic Snowboarder Faces US Charges in Global Drug Case

US Attorney General Pam Bondi said Wedding, whom she described as a “onetime Olympian snowboarder-turned alleged violent cocaine kingpin,” will face federal charges in the US related to drug trafficking, murder, and operating a criminal enterprise spanning multiple countries.

FBI Director Kash Patel confirmed the arrest in a post on X, crediting cooperation with Mexican authorities for locating Wedding after more than a decade on the run.

Investigators allege that Wedding played a senior role in cocaine distribution networks tied to Mexico’s Sinaloa Cartel, overseeing shipments from Colombia into the United States and Canada.

According to US officials, the operation generated more than $1 billion annually in illegal proceeds at its peak.

The US Treasury Department’s Office of Foreign Assets Control sanctioned Wedding in November, accusing his organization of using cryptocurrency to move and launder drug profits.

In its notice, the Treasury said digital assets were used to obscure the flow of funds and conceal large sums derived from narcotics trafficking.

Mexico’s Security Secretary Omar García Harfuch said Wedding voluntarily surrendered at the U.S. Embassy before being handed over to the FBI.

Patel later told reporters that Wedding had been hiding in Mexico for over 10 years and was believed to be under cartel protection.

Wedding arrived Friday at Ontario International Airport in Southern California, where federal officials held a press conference following his transfer.

Authorities said they seized firearms, luxury vehicles, artwork, and other assets connected to the alleged criminal enterprise, and indicated further arrests may follow as the investigation continues.

Ryan Wedding’s Earlier Cocaine Case Predates Latest US Charges

This is not Wedding’s first encounter with US law enforcement. In 2008, he was arrested in California in a cocaine trafficking sting involving a Vancouver-based operation.

He was convicted in 2009 and sentenced to four years in prison, before being released around 2011.

The arrest comes as crypto-related crime remains a growing concern. According to Chainalysis, illicit cryptocurrency addresses received a record $154 billion in 2025, a sharp increase from the year before.

In another case, US prosecutors have charged a 23-year-old Brooklyn resident, Ronald Spektor, with stealing roughly $16 million in cryptocurrency from around 100 Coinbase users through an alleged phishing and social engineering scheme.

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Lawmakers in the US state of Kansas are weighing new legislation that would establish a state-managed Bitcoin and digital assets reserve funded by unclaimed digital property already held by the state.

Kansas Senate Bill 352 (SB 352), introduced on Wednesday by Senator Craig Bowser, proposes the creation of a “Bitcoin and digital assets reserve fund” within the state treasury.

The fund would be administered by the Kansas state treasurer and would rely on abandoned digital assets rather than taxpayer-funded cryptocurrency acquisitions.

Kansas Bitcoin Bill To Be Funded by Airdrops, Unclaimed Digital Assets

Under the bill, the reserve would be built from airdrops, staking rewards, and interest generated from digital assets that fall under Kansas’ unclaimed property laws.

These assets may include Bitcoin, cryptocurrencies, and other digital-only assets that have been deemed abandoned after owners fail to claim them within a legally defined period.

Notably, the proposal explicitly avoids direct purchases of Bitcoin by the state. Instead, it reflects a broader policy approach gaining traction at both state and federal levels, where governments seek exposure to digital assets without buying them on the open market.

This mirrors the White House’s plan to establish a US Strategic Bitcoin Reserve using forfeited Bitcoin rather than newly acquired coins.

SB 352 outlines how funds would be allocated once digital assets enter the reserve. Ten percent of each deposit would be transferred to Kansas’ general fund, while Bitcoin itself would be excluded from general fund use and retained within the reserve.

The remaining assets would stay under the reserve fund’s management, potentially allowing the state to benefit from long-term appreciation or yield.

The bill also introduces amendments to Kansas’ unclaimed property statutes, formally defining terms such as “digital assets” and “airdrops.”

It further clarifies how the state should custody, manage, and account for these assets once they are classified as abandoned.

After clearing the Federal and State Affairs Committee, SB 352 was referred on Thursday to the Senate Committee on Financial Institutions and Insurance, where it will face further review.

Kansas Bitcoin Reserve Proposal Follows Pension Fund ETF Bill

The proposal follows earlier digital asset initiatives in Kansas.

Senate Bill 34, introduced in January 2025, would allow the Kansas Public Employees Retirement System to allocate up to 10% of its portfolio to spot Bitcoin exchange-traded funds. That bill remains under consideration in the same committee.

Kansas is one of several US states exploring crypto-related legislation, including reserve concepts, regulatory task forces, and limited investment frameworks.

At the federal level, the administration of President Donald Trump has reiterated plans to move forward with a national Bitcoin reserve funded through seized assets.

A senior White House official said in January that the initiative remains a priority.

Internationally, countries such as El Salvador and Bhutan have already taken more direct approaches, incorporating Bitcoin into national strategies through state holdings, mining initiatives, and development projects tied to digital assets.

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Crypto payments firm Mercuryo has partnered with Visa to enable near real-time conversion of digital assets into fiat currency.

The move allows users to send proceeds directly to Visa debit and credit cards through Visa Direct, the payments giant’s real-time money movement network.

Under the arrangement, eligible Mercuryo users will be able to off-ramp crypto holdings and receive fiat funds on their cards within minutes, according to the companies.

Mercuryo Taps Visa Direct to Speed Up Low-Cost Crypto-to-Fiat Payments

The service is designed to reduce settlement times and costs compared with traditional conversion and payout methods, particularly for cross-border transactions.

The integration expands Mercuryo’s use of Visa Direct, which already supports real-time transfers across brokerage, crypto and digital banking accounts.

By tapping into Visa’s global payments infrastructure, Mercuryo said it aims to make crypto-to-fiat conversions more accessible without requiring users to leave the wallets, exchanges or platforms they already use.

Mercuryo said the partnership allows Visa Direct to connect with its network of non-custodial wallets, exchanges and payment providers, giving millions of users access to fast off-ramping tools through familiar interfaces.

Funds converted to fiat can be spent at more than 150 million merchant locations worldwide that accept Visa.

“This partnership with Visa will further enhance Mercuryo’s ability to deliver a fast, low-cost user experience,” said Mercuryo co-founder and CEO Petr Kozyakov.

He said the integration reduces the friction historically associated with moving funds across borders or cashing out digital assets, allowing users to access local currencies more quickly.

Anastasia Serikova, head of Visa Direct in Europe, said the collaboration is intended to bridge the gap between crypto platforms and traditional financial systems.

She said the service enables users to convert digital assets into fiat in near real time, improving convenience and reliability for everyday payments.

Visa Deepens Crypto Strategy as Stablecoin Settlements Reach $3.5B Run Rate

The deal adds to Visa’s growing push into digital assets. In December, the company launched a Stablecoins Advisory Practice to help businesses explore ways to integrate stablecoins into their operations.

In July last year, Visa surpassed $200 million in cumulative stablecoin settlement volume while expanding its crypto infrastructure through African partnerships and platform development.

However, CEO Ryan McInerney warned that the technology still requires clearer regulations to reach its full potential.

Visa has also reported rising stablecoin settlement volumes, reaching an annualized run rate of $3.5 billion.

Earlier, Visa partnered with crypto infrastructure firm Aquanow to improve stablecoin settlement speeds and reduce reliance on legacy payment rails.

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Merkle Manufactory, the company behind the crypto-oriented social media protocol Farcaster, plans to return $180 million in venture funding to investors.

The decision was disclosed late Thursday by Merkle co-founder Dan Romero in a post on X, following speculation around the future of the project.

Several investors, including former Coinbase executive Balaji Srinivasan, separately confirmed the plan to return the capital.

Romero: Farcaster Not Shutting Down as Merkle Plans to Repay $180M

“Farcaster is not shutting down,” Romero wrote, pushing back on rumors surrounding the platform’s status.

He said the protocol remains operational, citing roughly 250,000 monthly active users in December and more than 100,000 funded wallets.

Romero added that Merkle intends to repay the full amount raised over the past five years, saying the firm sought to be a responsible steward of investor capital.

The announcement comes shortly after Farcaster was acquired by Neynar, a venture-backed startup that has long built infrastructure within the Farcaster ecosystem.

Under the deal, Neynar will assume control of Farcaster’s smart contracts, code repositories, mobile application, and Clanker, an AI-driven token launchpad.

Romero and fellow co-founder Varun Srinivasan, along with parts of the Merkle team, will step away from day-to-day development.

“This wasn’t an easy decision,” Romero wrote earlier this week. “But after five years, it’s clear Farcaster needs a new approach and leadership to reach its full potential.”

Farcaster was launched with the ambition of decentralizing social media by allowing users to control their identities and data rather than relying on centralized platforms.

The project drew significant attention in 2024 when it raised $150 million from major crypto venture firms, including Paradigm and Andreessen Horowitz’s crypto arm.

Despite early enthusiasm, Romero acknowledged that the platform struggled to achieve sustainable growth as a social-first product.

In December, the team shifted its focus toward in-app wallets and trading features in an effort to drive engagement, signaling a strategic pivot away from competing directly with mainstream social networks.

Neynar, which provides developer tools and APIs for applications built on Farcaster, said it plans to steer the protocol in a more builder-centric direction.

The company is expected to roll out a new roadmap focused on infrastructure and developer adoption rather than consumer-facing social features.

Offline Web3 Messaging Apps Gain Momentum

The controversy around Farcaster comes as Web3-style social media and messaging tools are gaining traction as governments increasingly restrict internet access during periods of political unrest.

Bitchat, an offline messaging app created by Twitter co-founder Jack Dorsey, has emerged as a key communication channel in countries facing election-related shutdowns.

In Uganda, Bitchat surged to the top of local app store rankings after authorities cut internet and mobile services ahead of a disputed election.

Downloads in the country have nearly quadrupled in recent months, with similar spikes reported in Iran as users seek ways to communicate during state-imposed blackouts.

The app operates without internet or cellular connections, relying instead on Bluetooth mesh technology that allows messages to hop between nearby devices.

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World Liberty Financial, the crypto project associated with the family of US President Donald Trump, has entered a partnership with satellite startup Spacecoin to explore how decentralized finance could operate over space-based internet infrastructure.

In a blog post published Thursday, Spacecoin said the collaboration includes a token swap between the two projects, though financial terms were not disclosed.

The companies said the partnership is aimed at expanding access to digital financial services in regions where traditional banking and broadband infrastructure remain limited.

World Liberty Financial Says USD1 Targets Real-World Payments in Underserved Areas

Zak Folkman, co-founder of World Liberty Financial, said the initiative aligns with the project’s broader focus on real-world payments and settlement.

He said the USD1 stablecoin is designed to support transactions in environments where conventional financial rails are unavailable or unreliable, including remote and underserved areas.

Spacecoin is building a low-Earth orbit satellite network intended to provide internet connectivity beyond the reach of terrestrial broadband.

The company said it has already launched three satellites and is positioning its system as a decentralized physical infrastructure network, or DePIN, that could support financial and communications services in hard-to-connect regions.

The partnership comes as World Liberty Financial continues to broaden the use cases for its USD1 stablecoin.

Beyond payments, the project has expanded into crypto lending through its World Liberty Markets platform, while promoting USD1 as a settlement asset for onchain and offchain activity.

USD1, a dollar-pegged stablecoin launched last year, has grown rapidly. Its market capitalization now stands at approximately $3.27 billion, placing it among the larger stablecoins in circulation.

World Liberty Financial has also stepped up its international outreach.

Earlier this month, Pakistan signed a memorandum of understanding with a World Liberty affiliate to explore potential applications of USD1 in payments and remittances.

The agreement marked one of the first instances of a sovereign entity formally engaging with the Trump-linked protocol.

Bitcoin Loses 25,000 Millionaire Addresses Despite Pro-Crypto Turn Under Trump

As reported, Bitcoin has shed roughly 25,000 millionaire addresses in the year since Donald Trump returned to the White House, even as US policy shifted toward a more crypto-friendly stance.

Blockchain data shows the number of addresses holding at least $1 million in BTC fell about 16% year over year, suggesting regulatory optimism has not translated into sustained on-chain wealth growth.

The pullback was less severe among the largest holders. Addresses with more than $10 million in Bitcoin declined by about 12.5%, indicating that top-tier investors were better able to withstand price volatility, while wallets near the millionaire threshold were more exposed to market swings.

Much of the increase in Bitcoin millionaire addresses occurred before Trump took office, driven by a late-2024 rally fueled by election-related optimism and expectations of deregulation.

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Capital One has agreed to acquire fintech firm Brex in a deal valued at $5.15 billion, marking one of the largest fintech transactions in recent years and signaling the bank’s growing interest in stablecoin-based payments.

The US banking giant said on Thursday that the transaction will be structured as a combination of cash and stock and is expected to close in mid-2026, subject to regulatory approvals and customary closing conditions.

As part of the deal, Capital One will absorb Brex’s payments technology, including its stablecoin infrastructure.

Capital One Says Brex Deal Accelerates Push Into Business Payments

“Since our founding, we set out to build a payments company at the frontier of the technology revolution,” Capital One founder and CEO Richard Fairbank said in a statement.

He added that the acquisition would accelerate the bank’s push into business payments, an area where competition from fintech firms has intensified.

Brex, best known for its corporate cards and spend management tools, has increasingly positioned itself at the intersection of traditional finance and crypto.

In October, the company announced plans to become the first global corporate card provider to support native stablecoin payments, beginning with USDC.

That move placed Brex among a small but growing group of fintech firms experimenting with blockchain-based settlement for everyday business transactions.

Brex co-founder and CEO Pedro Franceschi said he would continue to lead the company following the acquisition.

Writing on X, Franceschi said the deal would allow both firms to move faster and invest more deeply, bringing expanded financial tools to businesses that remain underserved by traditional banks.

The acquisition comes as stablecoins draw renewed attention across Wall Street.

Following the passage of comprehensive US stablecoin legislation last year, major financial institutions have begun exploring how tokenized dollars could fit into payments, treasury management, and cross-border transfers.

According to CoinGecko, the total market capitalization of stablecoins has climbed 18.6% since the GENIUS Act was passed in July 2025, reaching a record $314 billion.

That growth has sharpened interest from banks seeking to modernize payment rails while staying within regulatory boundaries.

Stablecoin Transactions Hit $33 Trillion in 2025 as USDC Leads Usage

Global stablecoin transaction value reached $33 trillion in 2025, marking a 72% increase from the previous year, according to Bloomberg data compiled by Artemis Analytics.

USDC emerged as the most-used stablecoin by transaction volume, processing $18.3 trillion, while Tether’s USDT handled $13.3 trillion, despite maintaining its lead by market capitalization at $187 billion.

The surge in activity followed the passage of the GENIUS Act in July 2025, the first comprehensive U.S. regulatory framework for payment stablecoins.

Industry participants say the legislation has provided legal certainty that encouraged broader institutional and global adoption.

As reported, stablecoin usage on fintech platform Revolut also accelerated sharply in 2025, with payment volumes estimated to have climbed 156% year over year to roughly $10.5 billion, as digital dollars gain ground in everyday payments.

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F/m Investments has asked the United States Securities and Exchange Commission to allow it to tokenize shares of its flagship Treasury exchange-traded fund.

The $18 billion asset manager filed an application on Wednesday seeking exemptive relief that would permit ownership records for the F/m US Treasury 3 Month Bill ETF (TBIL) to be maintained on a permissioned blockchain.

The fund, which holds roughly $6 billion in assets, would continue to operate as a conventional ETF regulated under the Investment Company Act of 1940.

F/m Calls Proposal First-of-Its-Kind Bid to Tokenize ETF Shares

In a press release announcing the filing, F/m described the proposal as the first attempt by an ETF issuer to obtain US regulatory approval specifically for tokenized shares of a registered investment company.

Under the plan, blockchain-based shares would carry the same CUSIP identifier as existing TBIL shares and offer identical rights, fees, voting privileges and economic exposure.

According to the firm, the initiative is not intended to create a new digital asset. Instead, tokenization would function as an alternative method for recording ownership, alongside traditional book-entry systems used by brokerages and custodians.

The filing places F/m alongside a growing number of traditional asset managers experimenting with tokenization.

Franklin Templeton has already launched blockchain-enabled US government money market funds, moving share ownership records onchain while maintaining compliance with federal securities laws.

F/m’s proposal extends that model to a listed Treasury ETF, potentially expanding access to tokenized fixed-income products within regulated markets.

F/m also drew a sharp distinction between its approach and crypto-native instruments such as stablecoins or unregistered tokens.

The company emphasized that tokenized TBIL shares would remain subject to independent board oversight, daily portfolio disclosure, third-party custody and audits, as well as the investor protections embedded in the 1940 Act.

If approved, the structure would allow TBIL to trade through both traditional brokerage channels and digital-native, token-aware platforms using a single share class. F/m said the fund’s investment strategy and portfolio composition would remain unchanged.

NYSE’s Tokenization Push Signals Shift Beyond Pilot Projects

The application arrives as tokenization gains traction across financial markets.

Just days earlier, the New York Stock Exchange revealed plans for a new trading venue designed to support around-the-clock trading and onchain settlement of tokenized stocks and ETFs, underscoring the industry’s push beyond pilot projects toward broader adoption.

Market forecasts suggest the opportunity could be significant. Standard Chartered previously projected that tokenized real-world assets could reach a $2 trillion market capitalization by 2028.

In a recent research, Web3 digital property firm Animoca Brands said that tokenization of RWAs could unlock a $400 trillion traditional finance market.

Last month, Libeara, the blockchain infrastructure platform backed by Standard Chartered’s venture arm SC Ventures, rolled out a new tokenized gold investment fund in Singapore, bringing one of the world’s oldest safe-haven assets onto digital rails.

The fund, launched in partnership with FundBridge Capital, allows professional investors to gain exposure to gold through blockchain-based tokens issued on Libeara’s ledger.

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Bitcoin has lost roughly 25,000 millionaire addresses in the year since President Donald Trump returned to the White House, despite a sharp shift toward a more crypto-friendly regulatory environment in the United States.

Blockchain data analyzed by Finbold shows that the number of Bitcoin addresses holding at least $1 million fell from 157,563 at the time of Trump’s January 2025 inauguration to 132,383 by Jan. 20, 2026.

The decline of 25,180 addresses represents a drop of about 16% over the one-year period, raising questions about how policy optimism has translated into on-chain wealth.

Bitcoin’s Biggest Holders Prove More Resilient Amid Millionaire Decline

The pullback was more muted among the largest Bitcoin holders. Addresses holding more than $10 million worth of BTC declined from 18,801 to 16,453, a decrease of 12.5%.

The smaller contraction suggests that higher-tier holders were better positioned to absorb market volatility, while those closer to the millionaire threshold were more exposed to price swings.

Much of the surge in Bitcoin millionaire addresses occurred before Trump formally took office. Following his election victory in November 2024, Bitcoin traded near $69,000, with about 120,851 addresses holding at least $1 million.

As expectations grew around deregulation and stronger institutional support for crypto, prices climbed rapidly.

By January 2025, Bitcoin had rallied above $100,000, driving a sharp increase in high-value addresses as rising prices pushed more wallets over the millionaire mark.

The run-up reflected optimism around Trump’s pro-crypto messaging and the prospect of tighter integration between digital assets and traditional finance.

Once in office, Trump’s administration moved quickly to ease pressure on the crypto sector.

Pro-industry regulators were appointed, crypto-related legislation advanced in a Republican-controlled Congress, and long-standing barriers between banks and digital asset firms were reduced.

Trump and his family also launched several crypto ventures, including mining projects and branded tokens, drawing both attention and criticism.

Supporters argued the moves signaled long-term confidence in the sector, while critics raised ethical concerns over potential conflicts of interest, allegations the White House has consistently denied.

Trump Administration Pushes Pro-Crypto Agenda

The Trump administration advanced its pro-crypto agenda last week with a series of policy and regulatory moves.

President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.

If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.

Trump also nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.

In a separate executive order, Trump moved to end “debanking” practices that target lawful crypto firms.

The Blockchain Association praised the measures as a “historic shift” that would expand consumer choice, empower wealth-building, and reduce operational barriers for blockchain businesses.

The SEC added to the positive momentum by clarifying that certain liquid staking models, such as those involving receipt tokens like stETH, are not securities.

SEC Chair Paul Atkins reinforced his commitment to keeping crypto innovation in the US, pledging a proactive approach to regulation and a shift away from enforcement-led policymaking.

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Coinbase has launched an independent advisory board aimed at preparing Bitcoin and the broader blockchain ecosystem for the long-term risks posed by quantum computing, as advances in the field raise questions about the durability of today’s cryptographic standards.

Quantum computers, once developed at scale, could disrupt industries ranging from healthcare and finance to national security, the exchange said in a recent blog post.

For blockchain networks, the implications are particularly serious. Most major chains, including Bitcoin and Ethereum, rely on elliptic-curve cryptography, a system considered secure today but potentially vulnerable to sufficiently powerful quantum machines in the future.

Coinbase Launches Independent Advisory Board to Address Quantum Computing Risks

To address that possibility, Coinbase is forming the Coinbase Independent Advisory Board on Quantum Computing and Blockchain, bringing together leading researchers to assess emerging risks and offer guidance to developers, institutions, and users.

According to Coinbase, the board will operate independently and publish position papers evaluating the state of quantum computing and its implications for blockchain security.

It will also issue practical recommendations on how individuals and organizations can prepare for long-term quantum threats, and provide timely analysis when major breakthroughs in quantum research occur.

The advisory board includes several prominent figures from cryptography, quantum computing, and blockchain research.

Members include Scott Aaronson, a leading quantum computing researcher and director of the Quantum Information Center at the University of Texas at Austin, Stanford cryptography professor Dan Boneh, Ethereum Foundation researcher Justin Drake, EigenLayer founder Sreeram Kannan, Coinbase head of cryptography Yehuda Lindell, and Dahlia Malkhi, a specialist in secure distributed systems and head of the UCSB Foundations of Fintech Research Lab.

Coinbase says the group’s collective expertise is intended to help the industry move beyond theoretical discussions and toward concrete planning.

While large-scale quantum computers capable of breaking current cryptography do not yet exist, the company argues that preparation must begin years in advance.

Coinbase plans to publish the board’s first position paper early next year, outlining a baseline assessment of quantum-related risks and potential paths toward resilience.

Coinbase Says Tokenization Can Open Global Capital Markets to Billions Left Out

As reported, Coinbase CEO Brian Armstrong has outlined a plan to expand access to global capital markets through blockchain-based tokenization, arguing that billions of adults remain locked out of equity and bond investing.

In a new policy paper, Coinbase says structural barriers have excluded nearly two-thirds of the world’s adult population from wealth creation as returns on capital continue to outpace wages.

The paper highlights sharp geographic and economic divides in market participation. While more than half of adults in the US invest in equities or bonds, participation falls below 10% in countries such as China and India.

Armstrong argues that access is largely determined by where someone is born, not their talent, pointing to extreme home bias that keeps investors concentrated in local markets despite limited exposure to global growth.

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Stablecoin issuer Circle has awarded a grant to support the United Nations’ push to modernize its internal payment systems, aiming to make humanitarian aid transfers faster, cheaper and more transparent.

The grant was announced Wednesday at the World Economic Forum in Davos, Switzerland. Circle did not disclose the size or structure of the grant.

The Circle Foundation said the funding would support the UN’s Digital Hub of Treasury Solutions (DHoTS), a program focused on improving how money moves across the UN’s global operations.

Circle Expands UN Stablecoin Aid Efforts

The initiative builds on earlier cooperation between Circle and the United Nations.

In 2022, Circle partnered with the UN Refugee Agency and DHoTS to facilitate USDC stablecoin payments to Ukrainians displaced by the war, marking one of the first large-scale uses of stablecoins in humanitarian aid distribution.

UN Development Programme administrator Alexander De Croo said digital payments could help stretch limited resources further at a time when humanitarian budgets are under strain.

“Stablecoin payments allow us to make every dollar work harder,” he said, pointing to inefficiencies tied to legacy banking infrastructure.

According to Circle, roughly $38 billion in humanitarian funding flows through outdated financial rails each year, often resulting in delays, high transaction fees and limited transparency.

Digital financial infrastructure, including blockchain-based payments, could help address those issues while improving accountability.

UN High Commissioner for Refugees Barham Salih said the use of new technology was about more than efficiency.

“This is about using technology to uphold dignity and choice for people forced to flee, while maximizing impact for every dollar entrusted to us,” he said.

The grant comes shortly after Circle launched the Circle Foundation in December, a philanthropic arm focused on financial inclusion and resilience.

Supporting public-sector use cases for stablecoins appears to be an early priority.

Stablecoins are playing an increasingly prominent role in global payments. The sector has grown into a $312.7 billion market, with tokens widely used for remittances, business settlements and savings in regions facing currency instability.

Bermuda Unveils Plan for Fully On-Chain Economy With Coinbase and Circle

As reported, Bermuda has announced plans to place blockchain infrastructure at the core of its financial system, partnering with Coinbase and Circle to develop what officials describe as a fully on-chain economy.

The initiative was unveiled at the World Economic Forum in Davos, where Premier David Burt outlined a model that would integrate digital assets into everyday payments, financial services and government operations.

The push reflects long-standing challenges faced by the island’s economy, including high transaction fees, limited banking access and slow settlement times caused by global bank de-risking.

By using dollar-denominated stablecoins and blockchain-based settlement, Bermuda aims to bypass traditional correspondent banking networks and reduce costs for businesses, particularly small and medium-sized firms.

The rollout will begin with a pilot using Circle’s USDC stablecoin and Coinbase’s Base infrastructure, focusing on government and commercial payments, tokenization tools for financial institutions and nationwide digital literacy programs.

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The fourth quarter of 2025 may have quietly signaled the end of the crypto bear market, according to a new report from digital asset manager Bitwise, even as prices struggled to reflect improving fundamentals.

In a report shared Wednesday, Bitwise chief investment officer Matt Hougan said Q4 presented a confusing picture for investors.

Crypto prices weakened through much of the quarter, yet on-chain data, user activity, and revenue metrics across the sector continued to strengthen.

Bitwise’s Hougan Draws Parallels Between Today’s Market and Post-FTX 2023

Hougan compared the current setup to early 2023, when markets were still reeling from the collapse of FTX.

At the time, crypto prices appeared directionless despite signs of recovery under the surface. Bitcoin rebounded from lows near $16,000 and ultimately surged to around $98,000 by the start of 2025.

“At the time, we were starting to rebound post-FTX, and the data was topsy-turvy; some up, some down, some sideways,” Hougan said. “In the two years that followed, crypto prices soared.”

According to Hougan, the same divergence between sentiment and fundamentals emerged again in late 2025. While asset prices pulled back, key indicators across the crypto economy moved sharply higher.

The outlook for 2026, however, remains a point of debate among analysts.

Fundstrat head of research Tom Lee has warned that macro headwinds, including trade tariffs and political uncertainty, could weigh on markets for much of the year before a late rebound.

By contrast, VanEck expects the first quarter of 2026 to favor “risk-on” assets such as crypto, citing greater fiscal clarity and signs of stabilization in the U.S. economy.

Hougan highlighted four trends from Q4 that he believes strengthen the case for a market bottom.

Ethereum and layer-2 networks saw transaction volumes climb to record levels, suggesting growing real-world usage.

At the same time, revenues among crypto-focused companies outpaced many traditional sectors in the stock market.

Stablecoin Market Hits Record $300B as Transaction Volumes Surge

Stablecoins also played a central role. Transaction volumes and assets under management surged throughout 2025, with total stablecoin market capitalization surpassing $300 billion in Q4, marking a new all-time high.

Decentralized finance adoption rounded out the list. Hougan pointed to Uniswap, noting that the decentralized exchange now consistently processes more transaction volume than Coinbase.

“That’s the kind of divergence you get at the bottom of bear markets, when sentiment is down but fundamentals are up,” he said.

Bitwise added that several potential catalysts could push crypto markets higher in 2026, including progress on the CLARITY Act, continued growth in stablecoins, a new Federal Reserve chair appointment, and major wirehouses opening client access to crypto exchange-traded funds.

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Cryptocurrency hackers are exploiting trusted Linux software to steal digital assets, using a new technique that turns legitimate Snap Store packages into malware.

Rather than creating fresh accounts on the Snap Store, which is operated by Canonical, attackers are now taking over existing publisher accounts, according to a warning from Ubuntu contributor and former Canonical developer Alan Pope.

The method relies on identifying expired web domains and email addresses linked to long-standing Snap Store developers, registering those domains, and then using the recovered access to hijack Snapcraft accounts.

Attackers Turn Legitimate Packages Malicious

Once inside, the attackers push malicious updates to packages that were previously benign, catching users off guard through automatic updates and long-established trust signals.

The Snap Store, like other major package repositories, has long been a target for malware campaigns.

Early efforts were relatively unsophisticated, with scammers publishing fake crypto wallet applications under newly created accounts.

When those attempts became easier to detect, attackers began disguising malicious apps using lookalike characters from other alphabets to evade filters.

According to Pope, the tactic then evolved into a bait-and-switch approach. Attackers would publish harmless software under neutral names such as “lemon-throw” or “alpha-hub,” often posing as simple games. After approval and a period of inactivity, a follow-up update would quietly introduce a fake crypto wallet designed to steal funds.

The latest development raises the stakes. In at least two confirmed cases, attackers took control of expired domains once owned by legitimate Snap publishers and used them to distribute wallet-stealing malware through automatic updates.

The affected applications appeared normal on the surface but were built to harvest wallet recovery phrases and transmit them to attacker-controlled servers.

By the time users noticed suspicious behavior, funds and sensitive data were already compromised.

Canonical has since removed the malicious snaps, but Pope warned that the response highlights deeper weaknesses in the platform’s trust model.

He said domain takeovers undermine publisher longevity as a safety signal and called for additional safeguards, including monitoring domain expirations, enforcing stronger account verification for dormant publishers, and requiring mandatory two-factor authentication.

Security Researcher Warns of Delayed Snap Store Takedowns

Pope also noted delays in removing reported malicious snaps, sometimes stretching over several days.

He advised users to exercise extra caution when installing cryptocurrency wallets on Linux and to consider downloading them directly from official project websites instead of app stores.

To help users assess risk, Pope created SnapScope, a web-based tool that flags snaps as suspicious or malicious before installation.

He also urged developers to keep domain registrations active and secure Snapcraft and email accounts with two-factor authentication.

According to Chainalysis, illicit cryptocurrency addresses received a record $154 billion in 2025, a sharp increase from the year before.

In another case, US prosecutors have charged a 23-year-old Brooklyn resident, Ronald Spektor, with stealing roughly $16 million in cryptocurrency from around 100 Coinbase users through an alleged phishing and social engineering scheme.

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Ripple’s US dollar-backed stablecoin RLUSD is set to debut spot trading on Binance, expanding the token’s reach on one of the world’s largest digital asset exchanges.

The launch will begin with support on Ethereum, with integration on the XRP Ledger expected to follow. Trading pairs available on day one will include XRP/RLUSD and RLUSD/USDT.

The listing marks a notable step in RLUSD’s rollout and reflects Ripple’s push to position the stablecoin as a payments-focused asset with institutional-grade infrastructure.

RLUSD Expands Utility With Multi-Chain Support and Binance Trading Tools

In addition to spot trading, Binance plans to extend RLUSD’s utility through portfolio margin eligibility and future inclusion in Binance Earn, opening the door to broader use across trading and yield products.

By launching across multiple chains, RLUSD aims to serve users operating within different ecosystems.

Ethereum support offers access to smart contract functionality and decentralized finance integrations, while upcoming availability on XRPL is expected to appeal to users seeking faster settlement and lower transaction costs.

For Ripple, the dual-chain strategy is central to its goal of enabling real-world payments, on-chain liquidity and cross-network interoperability.

The timing comes as demand grows for stablecoins designed specifically for payments rather than trading alone.

RLUSD is backed one-to-one by US dollar deposits, short-term US Treasuries and other cash equivalents, with monthly attestations intended to provide transparency and regulatory clarity.

Ripple has positioned the token as a compliant alternative for institutions navigating tighter oversight of dollar-pegged assets.

Binance’s global footprint is expected to significantly raise RLUSD’s profile, particularly in emerging markets where stablecoins are increasingly used for remittances and dollar access.

Deeper exchange liquidity could also accelerate adoption among developers building payment rails and institutions exploring tokenized cash management and settlement.

RLUSD’s market capitalization has recently climbed past $1.3 billion, underscoring its rapid growth since launch.

The stablecoin is issued under a New York Department of Financial Services limited-purpose trust charter, and Ripple has also received conditional approval for a US Office of the Comptroller of the Currency charter.

Ripple’s RLUSD Wins Regulatory Green Light in Abu Dhabi

As reported, Ripple’s dollar-backed stablecoin RLUSD was cleared for institutional use in Abu Dhabi after receiving recognition as an Accepted Fiat-Referenced Token from the local regulator.

The approval allows licensed firms within Abu Dhabi Global Market (ADGM) to use RLUSD for regulated financial activities inside the free-zone financial center.

The decision strengthens Ripple’s expansion across the UAE. In recent months, the company secured approvals in Dubai and Abu Dhabi and onboarded partners including Zand Bank and Mamo.

As reported, Ripple is also weighing whether to bring staking to the XRP Ledger (XRPL), a move that would push the decade-old blockchain deeper into the rapidly expanding world of decentralized finance.

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Vietnam has begun moving cryptocurrency exchanges out of a long-standing legal gray area by piloting a formal licensing regime for crypto asset trading platforms.

Under Decision No. 96/QD-BTC, issued this week by the Ministry of Finance, authorities introduced three new administrative procedures covering the issuance, adjustment, and revocation of licenses for organizations that operate crypto asset trading platforms, according to reports by local news outlets.

The framework places the sector under the supervision of the State Securities Commission, which published detailed guidance on application dossiers and procedures.

Vietnam’s Crypto Licensing Pilot Draws Interest From Banks

The move signals a shift away from years of informal tolerance, during which crypto trading activity flourished without a clear legal basis.

Several major financial institutions have already signaled interest. Around 10 securities firms and banks have announced plans to enter the market once licensing approvals are granted.

Among securities firms, SSI Securities established SSI Digital Technology JSC in 2022 and has since expanded its blockchain ambitions.

Its digital unit recently partnered with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure in Vietnam.

VIX Securities has also contributed capital to launch the VIX Crypto Asset Exchange, while teaming up with FPT Corp. to build out its technology stack.

Banks are moving in parallel. MBBank has signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore launching a regulated exchange in Vietnam.

Techcombank has already set up the Techcom Crypto Asset Exchange, while VPBank said it is ready to begin operations pending regulatory approval.

Participation in the pilot program comes with strict requirements under Government Resolution No. 05/2025/NQ-CP.

Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of VND10 trillion ($380 million), largely funded by institutional investors.

They must also meet detailed standards on infrastructure, governance, and staffing, including cybersecurity and licensed securities professionals.

The regulatory push comes as crypto usage in Vietnam continues to expand.

According to Chainalysis, crypto transaction volumes in Vietnam reached an estimated $220–230 billion between July 2024 and June 2025, placing the country among the top three crypto markets in the Asia-Pacific region.

Until recently, digital asset activity operated without a clear legal framework.

That changed with the Law on Digital Technology Industry, which took effect on Jan. 1, 2026, formally bringing digital assets under regulatory oversight.

Tether Eyes Vietnam as Next Key Market

As reported, stablecoin issuer Tether is exploring partnerships with Vietnamese companies to expand crypto adoption in the country.

Vice President Marco Dal Lago called Vietnam one of Tether’s most “promising and strategic markets,” citing its youthful population, fast-growing economy, and high remittance volumes as strong fundamentals for digital asset growth.

During a meeting with Deputy Prime Minister Ho Duc Phoc, Lago said Tether is ready to share its global expertise in building legal frameworks that support sustainable crypto transactions and economic development.

The Deputy PM emphasized Vietnam’s ambition to create a professional, well-regulated investment environment and attract international capital.

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Hong Kong is preparing to issue its first batch of stablecoin issuer licences in the first quarter of the year, stepping up efforts to position itself as a regional hub for digital assets amid growing global competition.

Speaking at the World Economic Forum in Davos, Hong Kong Financial Secretary Paul Chan said the city’s approach to crypto regulation remains “responsible and sustainable,” according to the South China Morning Post.

Chan reportedly confirmed that the initial round of stablecoin licences is expected to be granted in the coming months.

Hong Kong Positions Stablecoins at the Core of Its Digital Finance Strategy

Chan framed stablecoins as part of a broader push to build a full digital asset ecosystem in Hong Kong, spanning regulated stablecoin issuance, licensed trading platforms, and tokenized financial products.

He described digital finance as a strategic growth pillar as the city seeks to maintain its status as a global financial center.

The stablecoin licensing regime, passed in 2025, sets out strict requirements for fiat-referenced stablecoin issuers.

These include rules on reserve backing, redemption rights, governance, and risk management, reflecting regulators’ focus on financial stability and consumer protection following volatility in global crypto markets.

Hong Kong’s stablecoin plans sit alongside an already active framework for crypto trading platforms.

Under rules enforced by the Securities and Futures Commission, 11 virtual asset trading platforms have received licences to date.

Approved operators include OSL, HashKey, and Bullish, according to the regulator’s public disclosures.

Beyond trading and stablecoins, Hong Kong is also pushing deeper into tokenization.

In November 2025, the Hong Kong Monetary Authority launched a pilot under Project Ensemble to test real-value transactions using tokenized deposits and digital assets, involving major banks and asset managers.

At the same time, regulators are consulting on additional proposals that would introduce new licensing regimes for crypto asset dealing, advisory, and management services.

Earlier this week, the Hong Kong Securities and Futures Professionals Association warned that tighter virtual asset management rules could deter traditional asset managers by raising compliance costs and slowing institutional participation.

Hong Kong Asset Managers Warn Crypto Rule Change Could Deter Traditional Funds

As reported, the Hong Kong securities industry is urging regulators to rethink proposed changes that would tighten rules around crypto exposure in traditional investment portfolios, warning the move could discourage mainstream asset managers just as the city seeks to expand its digital-asset market.

In a submission to the Securities and Futures Commission, the Hong Kong Securities and Futures Professionals Association argued against removing the long-standing “de minimis” exemption for Type 9 licensed managers, which currently allows limited crypto exposure without triggering a separate virtual asset management licence.

The proposal comes as Hong Kong broadens its digital-asset framework, with authorities consulting on new licensing regimes for virtual asset dealing, advisory, and management services.

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Solana Mobile has launched an airdrop of its native token, SKR, opening claims to users of its Seeker smartphone and select developers active in its decentralized app ecosystem.

In a statement released Tuesday, Solana Mobile said the airdrop reflects its broader vision of user ownership in mobile platforms.

“Seeker and SKR are a bet that there’s another way for mobile: that the people who use the network should own the network,” the company said, adding that more than 100,000 users are eligible to claim tokens.

Solana Mobile Opens 90-Day SKR Airdrop Claims for Seeker Users

Owners of the Seeker phone can claim their allocation directly through the device’s built-in wallet.

The claim window is set at 90 days, after which any unclaimed tokens will be returned to the airdrop pool, according to the announcement.

Eligibility also extends beyond hardware users. Developers who launched what Solana Mobile described as “quality apps” on the Solana dApp Store during Season 1 are included in the distribution, underscoring the company’s push to reward early ecosystem contributors.

SKR is positioned as the core asset underpinning governance, incentives, and economic activity across the Solana Mobile ecosystem.

The token has a fixed supply of 10 billion units, with 30% allocated to airdrops and unlocks at launch.

Solana Mobile said this structure is intended to prioritize early participation while maintaining long-term issuance controls.

Airdrop recipients are being encouraged to stake their SKR tokens. According to the project’s documentation, inflation events occur every 48 hours under a linear schedule that starts with 10% annual inflation.

That rate is designed to decline by 25% each year until it reaches 2%, at which point inflation will remain constant.

The token launch coincides with the rollout of Seeker’s Season 2 campaign, which introduces new apps, rewards, and early-access programs.

Focus areas include decentralized finance, gaming, payments, trading, and decentralized physical infrastructure networks (DePIN).

Solana Mobile’s Seeker Phone Builds on Saga

Seeker is an Android-based smartphone and the successor to Solana Mobile’s first device, Saga.

It comes preloaded with blockchain-focused features, including Seed Vault hardware-backed key storage and a native Solana dApp Store.

In August, Solana Mobile said it had received roughly 150,000 preorders for Seeker, with shipments planned across more than 50 countries.

The Solana Seeker includes a Genesis NFT providing owners access to future airdrops, exclusive content, and reward programs, with particular focus on the planned native ecosystem token, SKR.

SKR represents the native ecosystem token for Solana mobile devices, operating on Solana’s layer-1 blockchain and expected to be “airdropped directly to builders and users for ecosystem participation.”

According to CoinGecko data, SKR was trading at $0.01062 at the time of publication, up 54% over the past 24 hours.

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