Matt O'Connor

It's finally out! 🎉 🔎 Today we published our latest research article called "Beyond Reserves: Linking Blockchain Performance to Stablecoin Stability" in collaboration with TRON DAO. 🙌 🔎 Stablecoins are foundational to DeFi, trading, and payments, yet peg reliability remains under scrutiny. Periodic deviations continue to raise questions about the resilience of issuers and the full set of factors underpinning peg maintenance. 💡 Particula’s latest research moves beyond issuer reserves to evaluate how blockchain performance metrics - such as throughput, latency, and finality - relate to peg stability. The study examines eight major networks and focuses on Circle's USD Coin (USDC) and Tether.io's (USDT) over the period January 1, 2022 to July 31, 2025. Big thanks to our analysts Paweł Borowski and Jeeta Ann Chacko for doing all of the research and for writing such an insightful report! In a world where we have more and more AI generated content - I hope you all appreciate the effort we always put into our reports. 🤗 #stablecoins #tokenization #pegstability #USDCoin #tether #particula #tron Yong Yi T. Yeweon Park William Hess H.E. Justin Sun

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Interesting change in stance on stablecoins by Andrew Bailey, the Governor of Bank of England this morning: https://lnkd.in/ef8kmuaX Applied Blockchain is one of 4 companies currently taking part in Phase 1 of the Digital Pound Lab: https://lnkd.in/eCjHrQcE Silent Data #digitalassets #stablecoins

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For the past few years Zama, we have been building the most developer friendly, fast and secure Fully Homomorphic Encryption (FHE) scheme, which has been used by thousands of developers around the world. Today, we are unveiling our most ambitious product to date: the Zama Confidential Blockchain Protocol, which enables developers to build confidential applications on existing public blockchains such as Ethereum and Solana. We are also announcing our $57m Series B led by Pantera Capital and Blockchange Ventures, at a valuation of over $1b. Read more about it here: https://lnkd.in/ePfuBMwR

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🇬🇧 UK takes a major step toward tokenised funds The FCA (UK's main financial regulator) just backed new rules that would let asset managers tokenise investment funds on public blockchains like Ethereum. 💡 That means faster settlement ⚡️, lower costs 💸, and easier access for investors; especially the younger, digital-first generation 📱. It’s another sign that tokenisation is moving from idea to regulation and could reshape how traditional funds work. What do you think, when will we see the first fully on-chain fund? 🤔 🔗 https://lnkd.in/eZu4QNjQ #Finance #Tokenization #AssetManagement #Blockchain #Innovation #Regulation

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Animoca Brands - 2025 Listing Report: Exchange listing of Altcoin and RWAs, Alpha Programs, and New iterations of IDO 🔹 Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M). This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year. 🔹 Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. This aggressive expansion by high-volume platforms (like Binance, which saw a 70% increase in listings) has been the main force holding the overall listing event drop to just 6% year-over-year, despite the broader market contraction. 🔹 Rise of Tokenized RWAs: Since the second half of 2025, several exchanges have diversified beyond altcoins to list tokenized RWAs, including stocks and commodities. Gate leads in tokenized stock quantity and volume ($4.9B in Q4), while Binance dominates tokenized gold trading ($6.2B in Q4). However, these volumes remain secondary to crypto-native assets; for instance, Gate's $4.9B stock volume is still significantly less than its $12B volume for newly listed crypto tokens, suggesting crypto-native assets remain the core trading force. 🔹 Evolution of CEX-DEX Linkage: The CEX-DEX trading linkage, initiated by the Binance Alpha program, has evolved from a simple wallet campaign into an industry-wide practice (adopted by 8 out of 10 major exchanges). This model now allows users to trade on-chain assets directly through their exchange accounts, blurring the lines between exchange custody and self-custody. 🔹 Binance Alpha's Impact and Decay: The Alpha Program, particularly with the "campaign models" in version 2.0, drove tremendous growth in wallet usage (daily volumes peaking over $1B) and helped select mid-size tokens for Binance’s spot and perp markets. However, token prices struggled to hold post-launch; listing gains were consistently erased within the first month as attention drifted and incentives waned, leading to a "pump-and-fade" dynamic. 🔹 Revival of IDOs: A new wave of IDOs launch designs have emerged as a counter-force to exchange dominance. These platforms launched nearly 200 projects in 2025, introducing features like "Proof of Liquidity" and "Refund Shields" to favor active contributors and use market-based criteria for token unlocks, aiming to create healthier post-launch dynamics between holders and teams.

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The final quadrant of the KZero Worldswide Web3 Market Map (Q2 2025) is here and it's where the infrastructure, capital and conviction behind Web3 truly converge. This group focuses on six power-building layers: 1️⃣ Institutional Infrastructure & Settlement Layers 2️⃣ Centralised & Decentralised Exchanges 3️⃣ Stablecoins & Fiat Onramps 4️⃣ Ecosystem Builders & Strategic Conglomerates 5️⃣ Launchpads, Accelerators & DAOs 6️⃣ Crypto VCs & Investment Funds Why this matters: These aren’t the consumer-facing brands. They’re the enablers — the ones designing the rails, funding the builders and connecting fragmented ecosystems. → In the Digital Asset Finance & Settlement Infrastructure segment, we highlight those rewriting the financial plumbing of the internet: These firms are making Web3 invisible but inevitable — embedding digital assets into the flow of global capital. Companies include: Ripple, Hex Trust, Neptune Mutual, Anchorage Digital and ClayStack. → Meanwhile, in the Investors, Accelerators & Builders layers: VCs like a16z crypto, Outlier Ventures, Polychain Capital, Shima Capital and Hub71 are backing boldness early. Launchpads like Enjinstarter, Seedify and Brinc are compressing startup timelines. Ecosystem builders like Animoca Ventures, and Delphi Digital are scaling globally and regionally. So what does this quadrant reveal? → For founders: The right network is more important than just funding. → For investors: Infrastructure is heating up, again. But this time, it's regulatory, regional and real. → For policymakers: Web3 ecosystems aren't built with code alone — they’re orchestrated through trust, capital, and long-term ambition. 📌 See the full map: https://lnkd.in/eAP2vh9p Message for for a high-res version or to discuss strategies for Web3. #Web3 #DigitalAssets #CryptoVC #DePIN #DAOs #Tokenisation #FintechInfrastructure #KZero #FutureOfFinance

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With policymakers primed to tighten market structure regulation, and with reports that giants like Goldman Sachs and Citadel looking to make markets in crypto - this new CMIC industry standard couldn't be more timely. Today, the Crypto Market Integrity Coalition (CMIC)'s community of more than 50 members is proud to introduce the first industry standard for integrity in digital asset market making. Market making is the backbone of liquid, efficient markets, but as many of us in the industry are aware, crypto’s nuanced and evolving markets introduce novel risks, especially around conflicts of interest and manipulation. This standard demonstrates that the industry can act ahead of regulation — offering firms and policymakers a blueprint for what responsible, transparent digital asset market making looks like. Ultimately, this standard - like most CMIC work - reflects the industry's and risk and compliance leaders' immense commitment to advance market integrity. Like most CMIC efforts, this was completely driven by our community of risk, compliance, legal and policy professionals - who raised market making as gap in terms of market integrity standards. Thank you for your leadership Konstantinos Baktidy, Raphael Landesmann, Nathan Ignoffo, CPA, Josh Peschko, CFA and to so many other dedicated members who developed and reviewed the standard. Solidus is very proud to have launched CMIC in 2022 alongside so many industry leaders, and it's inspiring to see the work continues - by the industry, for the industry. #CryptoIntegrity #CryptoRegulation #CryptoGrowth #CryptoCompliance

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"Large US players can often adapt around supply-chain constraints, Wong added, but many smaller firms cannot... There are plenty of founders and businesses in the space which don't have those protections, don't have those fail-safes, and they're going to be disproportionately affected." Thanks S&P Global and Stefan Modrich for the quote on what is a hugely important, high-stakes issue for the world. https://lnkd.in/gHr3S7tz

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