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Peer-to-peer crypto marketplace, NoOnes, has announced it had surpassed 2.5 million users globally driven by rising demand for digital financial services across emerging markets and expansion of its crypto-based payments ecosystem.
The company said growth was strongest in regions across Africa, Latin America, and Southeast Asia where users increasingly rely on peer-to-peer crypto services for remittances, payments, and access to digital commerce in areas with limited banking infrastructure.
Founded by former Paxful CEO, Ray Youssef, NoOnes operates a marketplace that allows users to buy and sell cryptocurrencies directly using local payment methods, gift cards, and mobile money services.
The platform has been expanding beyond basic peer-to-peer crypto trading into a broader financial ecosystem that includes crypto swaps, gift card trading, mobile top-ups and virtual payment cards.
NoOnes said gift cards and voucher trading now account for more than 10% of marketplace activity as demand grows for alternative payment rails that bypass traditional banking systems. The company earlier said it planned to expand its marketplace to support thousands of international and regional retail brands.
The milestone highlights growing adoption of crypto-enabled financial services in the Global South where digital assets are increasingly used for cross-border payments, inflation hedging, and access to global commerce.
Analysts and development institutions have pointed to digital finance and peer-to-peer technologies as key drivers of financial inclusion in developing economies.

Stablecoins Now Account for 60% of All Trades, Says NoOnes



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New research from Global South crypto app NoOnes shows stablecoin use on their platform has grown from less than 25% across all products to almost 60% in the past two years. This sits alongside data showing that stablecoins account for 43% of all cryptocurrency volume in Sub-Saharan Africa, with digital asset users across the continent now topping 54 million. Stablecoins are becoming Africa’s financial rail, and that has implications for how most Africans – particularly the youth – will earn, spend, and save in the future.
For decades, many Africans have taken higher-paying jobs and moved overseas, and most of them remitted money back home. That capital inflow continues to remain important for African economies, and this year Africans working abroad will send between $60-70 billion back home.

STABLECOINS | Stablecoins Becoming Vital Financial Tools in Africa as Remittances Surpass Aid, Says Former UN Under-Secretary General

However, the employment landscape is changing because the digital economy has created a seismic shift in the way we work. Local freelancers and remote workers are now bringing in overseas income without having to leave home, and many Africans, particularly the youth, are benefiting. The introduction of stablecoins has solved one of the biggest challenges facing freelancers and remote workers – getting paid by overseas companies.
For both local freelancers and overseas ex-pat workers, stablecoins make a huge difference to their lives. Stablecoins not only protect freelancers and ex-pats from the volatility of local currencies, they allow them to get paid by anyone, anywhere in the world. A Kenyan designer doing work for a London-based company, for example, can get paid in stablecoins almost immediately, instead of waiting days for payments to come through from bank wires.

95% of Africans are willing to accept stablecoins
A recent survey showed that 95% of all Africa workers are open to receiving money in stablecoins, highlighting the attraction. In their press release last month, NoOnes gave a clue to how crypto companies are now catering to stablecoin users by hinting at integrated tools like invoice templates with payment links designed specifically for freelancers. NoOnes says the tools they are developing are designed to allow users to “store value, spend what they earn globally, and cash out locally” without the friction associated with the traditional banking system.
It’s not only remote workers and freelancers who are driving stablecoin adoption in Africa.
NoOnes estimates that corporate stablecoin transactions on their platform have grown by over 25% in the past year. There are many examples of SMEs around Africa utilizing stablecoins. A Kenyan electronics importer might pay a supplier in Dubai with USDT, Ghanaian entrepreneurs are sending USDT with mobile money to pay suppliers in China instantly, and scores of local businesses in South Africa, Nigeria, and Cameroon are also benefiting from the utility of stablecoins, according to NoOnes.
When it comes to spending the money they earn, one of the most liberating factors for Africans is how stablecoins allow them to spend their money like the rest of the world. Africa’s fragmented banking system has been a hot topic of discussion in the crypto community for years and steps to improve it had limited effects. Stablecoins sweep problems aside by effectively side-stepping the systemic problems with the banking system that have dogged African economies. In fact, some argue that stablecoins are now an integral part of the banking system itself.
Cross-border transfers are now much faster and dramatically cheaper because of stablecoins. Traditional remittances through the banking system, for example, cost anywhere from 5-12% in fees. Crypto fees are about 1-3%, so many Africans save up to 70% when they use stablecoins. A Kenyan in the U.K. who sends $300 home would pay around $25 using a bank, but only $3 if using a crypto app like NoOnes.

STABLECOINS | Africa Sees Highest Stablecoin Conversion Spreads, January 2026 Data Shows

Earning globally only works if you can spend it locally
The ability for Africans to use crypto as a solution to the inequities in the global financial system is the game-changer. It’s just as important for Africans be able to spend their money locally as it is to earn or use it globally. There is no point earning money if you can’t spend it on the things you want and need. The missing link since the widespread adoption of crypto has been off-ramps. So, what’s changed? How do people cash out?
The ‘hack’ has often been cashing-out your crypto to MoMo. While 50% of the African population remains unbanked, there are more than 850 million mobile money accounts, and MoMo exceeds bank access in key markets across the continent. A freelancer who earns stablecoins working remotely can convert their stablecoins to M-PESA, MTN, or Airtel Money etc. in a few clicks.


With fast, low-fee networks such as Solana, Arbitrum, Base, Ton, and USDC on BSC, for example, stablecoins users are getting better service than they get from traditional banks. They are spending the money earned overseas to pay rent, transport, or groceries locally, and they are doing it quickly, with very little friction, and it is costing them less to do it because the fees are much lower.
NoOnes says users of its app can now cash out their USDT to 15 countries, with Cameroon added only two weeks ago. However, initial research findings by NoOnes suggests that remote workers and freelancers are not simply cashing out to mobile money (MoMo) in their local currencies. They want more options. Many are benefiting from low spread swaps between Bitcoin/USDT, for example, and enjoying great margins and increased liquidity, so they hold some money in other coins, especially BTC.

Stablecoins Stability
Stablecoins help solve the problems Africans have receiving income globally and spending it locally, but there is a third reason that stablecoin use has exploded in Africa – savings. African savings have long been at risk from local currency fluctuations, and stablecoins have reduced the risk because holders can now effectively peg their savings to the USD, thereby hedging against unstable exchange rates. Imported products, overseas payments and services all increase in real terms when local currencies fall against the USD.
Africa has been at the forefront of crypto adoption because it solves problems unique to the Global South. Real-world usage (payments, remittances, savings) rather than speculation has been the driving force behind crypto adoption in Africa, and stablecoins have simply added to crypto’s utility.

NoOnes says stablecoins have become the default value layer across their platform, but that has only happened because stablecoins have become the default value layer across the African continent.

MILESTONE | NoOnes, a P2P Crypto Trading App for Africa and Emerging Markets, Surpasses 2 Million Users Globally



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The European Central Bank (ECB) has rejected proposals aimed at boosting the euro stablecoin market warning that loosening rules for issuers could threaten financial stability and weaken the central bank’s control over monetary policy, according to people familiar with the discussions.
The debate took place during a meeting of European Union finance ministers in Nicosia, Cyprus where policymakers discussed recommendations from Brussels-based think tank, Bruegel, to strengthen Europe’s position in the fast-growing stablecoin market which remains dominated by dollar-backed tokens.

STABLECOINS | Europe Should Develop More Euro-Backed Stablecoins to Counter Dollar-Pegged Assets, Says French Finance Minister

Bruegel had proposed easing liquidity requirements for euro stablecoin issuers granting them access to ECB funding facilities and allowing the central bank to act as a lender of last resort in times of market stress. ECB President, Christine Lagarde, and other officials opposed the measures arguing they could accelerate deposit outflows from traditional banks and complicate interest-rate management.
ECB officials also warned that broader adoption of stablecoins could reduce banks’ lending capacity by draining retail deposits while creating risks of investor runs on reserve assets during periods of market turmoil.
The pushback comes as European policymakers grow increasingly concerned about what they describe as ‘digital dollarisation,’ with dollar-linked stablecoins accounting for the vast majority of the roughly $300 billion global stablecoin market. Euro-denominated stablecoins currently represent only a small fraction of the sector.

STABLECOINS | Spain Leads European Retail Market for This Euro Stablecoin in Q1 2026

The ECB has instead continued to champion its proposed digital euro project which policymakers see as a safer alternative to privately issued stablecoins. The central bank is targeting a potential launch near the end of the decade pending approval from EU lawmakers.
The debate comes days after Amsterdam-based fintech, Qivalis, said 37 European banks had backed its planned euro stablecoin initiative highlighting growing pressure on European institutions to compete with U.S.-based crypto payment infrastructure.

INSTITUTIONAL | Meet Europe’s Largest Stablecoin Project by the Number of Backers




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Ethereum’s future is facing renewed scrutiny as frustration grows across the community following a wave of high-profile departures from the Ethereum Foundation, deepening concerns over the network’s direction, governance and long-term competitiveness.
What began as shock over the exits of several core researchers and contributors has evolved into a broader debate about whether Ethereum’s most influential institution still understands the ecosystem it was created to steward, according to prominent community voices.

Ethereum Foundation Sees 8 High-Profile Departures in 2026 So Far

The Ethereum Foundation has yet to publicly explain the departures, fueling speculation and criticism over its leadership structure, strategy and internal culture. Community members on X have questioned the organization’s lack of transparency as the blockchain faces mounting competitive pressure from rivals such as Solana and Bitcoin’s growing institutional dominance.
The backlash echoes earlier controversy surrounding former executive director Aya Miyaguchi’s transition and the Ethereum Foundation’s new 2026 mandate, which was introduced as part of a broader internal restructuring aimed at redefining the nonprofit’s role within the ecosystem.

EXPLAINER | Ethereum Foundation Publishes Mandate Paper Highlighting its Reduced Influence as the Network Matures

Critics, however, say the initiative has failed to address deeper concerns around accountability, communication and decision-making.
Recent departures add to a growing list of notable exits in 2026 that has included Barnabé Monnot, Tim Beiko, Trent Van Epps and Alex Stokes. The turnover has intensified concerns over whether Ethereum is losing some of its most experienced technical and ecosystem leadership during a critical period for the network.
Prominent Ethereum researcher, Dankrad Feist, and crypto journalist, Laura Shin, were among voices arguing that Ethereum risks losing talent and market share if the Foundation continues prioritizing ideology and decentralization principles over growth, tokenomics, and execution.
The criticism reflects a longstanding tension surrounding the non-profit which plays a central role in coordinating upgrades, funding research, and stewarding development of the world’s second-largest blockchain network. Supporters argue the Foundation’s decentralized structure preserves Ethereum’s neutrality, while critics say the model increasingly clashes with the expectations of an ecosystem underpinning hundreds of billions of dollars in digital assets and decentralized finance activity.
The debate also comes as Ethereum faces broader concerns over ecosystem fragmentation, slower growth in network activity compared with rivals and increasing questions over its scaling strategy centered around layer-2 networks.


CASE STUDY | This Startup Shutdown Signals a Fundamental Shift in the Ethereum Scaling Market



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U.S. Securities and Exchange Commission Commissioner, Hester Peirce, sought to draw a sharp distinction between regulated tokenized securities and synthetic crypto instruments as the agency moves closer to opening the door for on-chain trading of traditional financial assets.
In remarks, Peirce pointed to a January 2026 SEC staff statement on tokenized securities to clarify that the regulator’s emerging framework is aimed at digital representations of actual underlying securities rather than synthetic products that merely track stock prices.
The comments come amid growing debate over the SEC’s reported plans to create an ‘innovation exemption’ that could allow crypto platforms to facilitate trading in tokenized equities. Reuters reported earlier this month that the proposal would permit on-chain trading of tokenized versions of publicly-traded stocks under limited exemptions.
Peirce, who leads the SEC’s crypto task force, said any eventual framework would likely apply only to digital representations of securities already trading in traditional markets and not synthetic instruments created without ownership of the underlying shares.
The distinction has become increasingly important as exchanges, brokerages, and crypto firms race to tokenize traditional financial products, including equities, bonds, and exchange-traded funds, in pursuit of faster settlement and around-the-clock trading.

EXPERT OPINION | Tokenization Works Best When Applied to Assets People Already Use at Scale

In its January 2026 statement, the SEC’s
Division of Corporation Finance,
Division of Investment Management, and
Division of Trading and Markets
defined tokenized securities as financial instruments already classified as securities under federal law but represented as crypto assets recorded on blockchain networks. The statement emphasized that tokenization does not alter the legal status of the underlying asset.

REGULATION | U.S Regulators Set a Precedent Saying Capital Treatment for Tokenized Securities is ‘Technology Neutral’
“The technologies used to issue and transact in a security do not generally impact its capital treatment,” said the regulating agencies.… pic.twitter.com/7UKrKwXOr2
— BitKE (@BitcoinKE) March 6, 2026
The SEC staff also outlined two broad categories of tokenized securities:
issuer-sponsored tokenized securities, where the issuer or an affiliated party places the asset on-chain, and
third-party tokenized securities created by un-affiliated intermediaries.
Legal analysts say the latter category has drawn particular scrutiny because some products may provide economic exposure to securities without conveying shareholder rights such as voting or dividends, potentially placing them under rules governing security-based swaps or derivatives.

The SEC’s guidance reiterated that federal securities laws continue to apply regardless of whether ownership records are maintained on traditional databases or distributed ledger networks.
“Tokenized securities are still securities,” the agency said in related remarks published last year.

The clarification comes as major financial institutions and exchanges accelerate tokenization efforts. In early 2026, Nasdaq received SEC approval for a framework allowing certain tokenized equities to trade alongside traditional shares, while the New York Stock Exchange partnered with Securitize on a proposed 24/7 tokenized securities platform.

REGULATION | United States SEC Clears World’s Second Largest Stock Exchange for Tokenized Securities

Asset managers have also moved deeper into the sector.
Earlier this year, F/m Investments sought SEC approval to tokenize shares of its Treasury bill ETF arguing on-chain settlement could reduce costs and improve market access while preserving existing investor protections.
Supporters of tokenization argue the technology could modernize capital markets through instant settlement, fractional ownership and 24/7 trading access. Critics, however, warn that
fragmented liquidity,
unclear investor protections, and
synthetic exposure products
could introduce new market risks.

“The tokens may not represent actual ownership of the company, and token holders may not get all of the benefits of a share, like voting [or] dividends,” said Daniel Labovitz, CEO of equity exchange platform, Green Impact Exchange.
“Another problem is fragmentation: when the same security trades in different markets that aren’t connected to each other, the price of the assets can diverge, meaning that some buyers will overpay for their token.”


EDITORIAL | Why Accounting and Price Discovery Remain the Biggest Hurdles to Capital Markets Tokenization



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Rwanda’s capital market ecosystem has begun preparing for a regulated digital assets future as industry stakeholders gathered this week for a virtual assets awareness session organized by the Capital Markets Authority of Rwanda (CMA Rwanda) amid a broader national push to formalize the cryptocurrency sector.
The session, faciliated by Crystal Intelligence and Tether Ltd, followed the recent approval by Parliament of the draft law on virtual assets business.
The awareness session brought together representatives from
The Ministry of Finance and Economic Planning,
National Bank of Rwanda,
Financial Intelligence Centre,
Rwanda Revenue Authority,
Rwanda Finance Limited,
law enforcement agencies,
Rwanda Law Reform Commission,
Rwanda Stock Exchange, and
The Capital Markets Authority.
According to the regulator, the awareness initiative aimed to improve understanding of virtual assets as Rwanda moves toward establishing a formal legal and regulatory framework for the sector. The discussions focused on:
investor protection,
market integrity,
anti-money laundering compliance, and
the role digital assets could play
in Rwanda’s growing financial ecosystem.

At the workshop, the Chief Executive Officer of the Capital Market Authority Romeo Ngarambe said awareness and technical capacity are important as Rwanda prepares to regulate the virtual assets sector.
“Virtual assets present both opportunities and challenges, and the framework we have adopted strikes a good balance between the opportunities and potential risks,” Ngarambe said.

REGULATION | FATF Warns Offshore Virtual Asset Service Providers (oVASPs) Pose Illicit Finance Risks
The #FATF noted that many offshore virtual asset service providers offer services to users in countries where they have no physical presence or legal registration.
This can… pic.twitter.com/sMrdtqYxNJ
— BitKE (@BitcoinKE) March 12, 2026
Ngarambe added that the framework will also help address risks linked to money laundering and terrorism financing, which remain key concerns in the virtual assets sector. He noted that effective implementation of the law will require strong technical knowledge and close collaboration among public institutions, regulators and market stakeholders.
The awareness campaign comes as Rwanda’s parliament intensifies efforts to pass landmark crypto legislation that would officially regulate virtual asset businesses in the country.
In early May 2026, Rwanda’s Chamber of Deputies adopted a law governing virtual asset businesses establishing what lawmakers described as a secure regulatory framework for digital finance while seeking to protect citizens from fraud and pyramid schemes linked to unregulated crypto activity.

REGULATION | Rwandan Parliament Unanimously Passes Law Regulating Virtual Assets and Cryptocurrencies

The proposed framework would require companies offering crypto and virtual asset services to obtain licenses from CMA Rwanda before operating. The law also introduces stricter anti-money laundering and counter-terrorism financing requirements while opening the door for regulated tokenization and digital investment products.
Rwanda’s parliament first approved the relevance of the draft virtual assets bill in March 2026 marking a major shift for a country whose central bank had previously maintained a cautious stance toward cryptocurrencies.
Lawmakers have argued that regulation is necessary as crypto adoption grows locally with parliament citing increasing participation in digital asset markets alongside rising concerns over scams and unlicensed investment schemes.
The move positions Rwanda among a growing number of African countries developing formal crypto oversight frameworks as governments across the continent seek to balance innovation with consumer protection and financial stability.


REGULATION | ‘Crypto Assets are Not Authorized for Payments, FRW Conversion, or P2P Trading with FRW,’ Says Central Bank of Rwanda



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Wall Street bank, JPMorgan, has said stablecoins are likely to maintain their dominance over tokenized money market funds despite the latter offering yield, citing regulatory constraints that continue to limit broader adoption of tokenized funds within crypto markets.
In a report, JPMorgan estimated tokenized money market funds account for only about 5% of the overall stablecoin market. The bank said stablecoins remain the preferred instrument across
crypto trading,
collateral management,
payments, and
liquidity operations
because they function more seamlessly across centralized exchanges and decentralized finance protocols.

EXPERT OPINION | Stablecoins Could Be ‘The ChatGPT Moment of Crypto,’ Says Ripple CEO

The analysts, led by Nikolaos Panigirtzoglou, said tokenized money market funds face a ‘structural regulatory disadvantage’ because they are classified as securities, subjecting them to
registration,
disclosure, and
transfer restrictions
that do not apply to most stablecoins.
JPMorgan said that without major regulatory reforms, tokenized funds are unlikely to grow beyond 10% to 15% of the stablecoin market as a result.

“We doubt that tokenized money market funds would grow beyond 10%-15% or so of the stablecoin universe, unless there is a regulatory change that reduces the structural disadvantage arising from tokenized money market funds classified as securities,” the analysts said.

INSTITUTIONAL | JPMorgan to Launch a Tokenized Money Market Fund Supporting Stablecoin Issuers Under GENIUS Act

The report comes as large financial institutions intensify efforts to tokenize traditional assets such as Treasury bills and money market funds. In early May 2026, JPMorgan filed plans for an on-chain Treasury money market fund designed in part to serve as a reserve asset vehicle for stablecoin issuers under proposed U.S. legislation.
Asset managers, including BlackRock and Janus Henderson, have also expanded tokenized fund offerings with new infrastructure aimed at enabling near-instant redemptions into stablecoins.

INSTITUTIONAL | World’s Largest Asset Manager Deepening its Involvement into On-Chain Fund Offerings
The move comes as the market for tokenized real-world assets has grown sharply over the past year (~200% YoY) driven by increasing interest from traditional financial firms.… pic.twitter.com/ZkUvFBhwMj
— BitKE (@BitcoinKE) May 9, 2026
JPMorgan said tokenized money market funds are expected to still grow faster than stablecoins because of their yield-bearing nature, particularly among institutional investors seeking on-chain settlement combined with traditional investor protections. However, the bank warned that
regulatory uncertainty,
liquidity concerns, and
counterparty risks
continue to weigh on adoption and will not fundamentally change the balance between the two markets.

REGULATION | U.S Regulators Set a Precedent Saying Capital Treatment for Tokenized Securities is ‘Technology Neutral’

Analysts have described recent regulatory developments, such as:
a streamlined process for issuing on-chain money market funds, and
allowing institutional investors to use on-chain money market funds as off-exchange trading collateral
as only ‘marginal’ improvements that are unlikely to change the broader picture.
Stablecoins, by contrast, have increasingly become the core settlement layer of the crypto economy with their role expanding beyond trading into cross-border payments and treasury management.
Industry executives speaking at recent crypto conferences have described stablecoins as a key bridge between traditional finance and digital assets.


BITCOIN | America’s Largest Bank Says Bitcoin Dominance as Institutional Crypto Asset is Unlikey to Change




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Blockchain investigator, ZachXBT, has flagged a suspected security breach involving crypto prediction market platform Polymarket, with more than $520,000 drained from two smart contracts on the Polygon blockchain, according to published on-chain data.


The exploit allegedly targeted two contracts tied to Polymarket’s rewards infrastructure, with the stolen funds traced to an attacker-controlled wallet.
Polymarket developers later said the breach stemmed from a compromised private key linked to an internal operations wallet used for reward payouts, adding that the platform’s core infrastructure, user balances, and market settlements were unaffected.

“User funds and market resolutions remain safe,” a Polymarket developer said.


Blockchain analytics data cited by researchers showed the attacker draining roughly 5,000 POL tokens every 30 seconds before the exploit was identified, with losses estimated at around $520,000 at current prices.
The incident adds to growing scrutiny around operational security practices in decentralized finance, where private key compromises remain one of the most common attack vectors despite improvements in smart contract auditing and infrastructure security.
The exploit also comes during a turbulent week for Polymarket. Reports emerged that Indian authorities had ordered internet service providers to block access to the platform as part of a wider crackdown on online prediction markets.

REALITY CHECK | The Balancer DEx Exploit Signal DeFi Markets Are Still Experimental




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Ethereum infrastructure startup, Syndicate Labs, said it is winding down operations after five years citing a sharp contraction in the market for blockchain rollups as activity and capital consolidate around a handful of dominant Ethereum scaling networks.
Syndicate Labs raised $20 million in a Series A funding round led by Andreessen Horowitz (a16z) in 2021 as investor enthusiasm surged around Ethereum scaling technologies. Demand however has increasingly shifted toward highly customized chains developed by consulting teams rather than reusable infrastructure frameworks.
The company, which built infrastructure for customizable Ethereum appchains and smart sequencers, said in a statement that ‘the rollup market has fundamentally shifted,’ adding that for every new rollup launching, several others were quietly shutting down.

According to the company:
“The rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down.
The market has shifted away from our technology, making it impossible to wait out these market conditions. EVM rollups are no longer the standard. Instead, custom chains are being built by consulting teams from scratch, with very little reusable tech or network value.”

EXPERT OPINION | Why Purpose-Built Blockchains Are on the Rise

The shutdown underscores growing pressure across the crypto infrastructure sector amid a prolonged market downturn that has forced multiple decentralized finance firms and blockchain startups to close in 2026.
Recent closures have included
Balancer Labs,
Step Finance and
Polynomial.

REALITY CHECK | One of the Longest Running DeFi Protocol Firms is Shutting Down

According to blockchain analytics platform, L2Beat, the total value secured across Ethereum layer-2 rollups has fallen roughly 36% from its October 2026 peak above $50 billion, with smaller networks suffering the steepest declines as liquidity migrated toward dominant chains such as Arbitrum One, Base, and OP Mainnet.

According to one analyst:
“Syndicate’s shutdown shows that the rollup infrastructure market has consolidated around a few dominant Layer-2 networks like Base and Arbitrum, which now absorb most of the users and liquidity.
The move also points to a clear shift where projects prefer subnets or existing infrastructure over building new L2s.”

Syndicate Labs said its decision was unrelated to a recent exploit involving its Commons Bridge which resulted in the theft of about 18.5 million SYND tokens valued at roughly $330,000 at the time. The company said affected users had been reimbursed from treasury reserves.
The project’s SYND token fell sharply following the announcement and is now down more than 99% from its 2025 peak, according to market data cited by industry reports.
The closure comes at a ttime when many companies are also resetting and cutting staff and roles tied to older workflows while focussing on AI and institutions with Jack Dorsey’s Block and Coinbase being the latest examples.

DeFi | Another DeFi App Shutting Down Amidst Market Pressures



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Harvard University’s endowment fund sold its entire position in BlackRock’s spot Ethereum exchange-traded fund in the first quarter, exiting the investment just months after disclosing the stake, according to a regulatory filing.
The filing showed Harvard Management Company fully divested its holdings in the BlackRock iShares Ethereum Trust ETF, a position previously valued at roughly $87 million. The endowment also reduced its exposure to BlackRock’s iShares Bitcoin Trust by about 43% during the quarter.
The move comes amid a difficult period for Ether, the native token of the Ethereum Foundation ecosystem, which has struggled to regain momentum after falling sharply (50%) from highs reached in 2025.
The Ethereum ecosystem has also faced leadership turbulence following several high-profile departures from the Ethereum Foundation in 2026.

Ethereum Foundation Sees 8 High-Profile Departures in 2026 So Far

Harvard had emerged as one of the largest institutional holders of spot crypto ETFs among U.S. universities after disclosing significant exposure to BlackRock’s Bitcoin and Ethereum products in 2025. At its peak in Q3 2025, the university’s Bitcoin ETF holdings were valued at more than $440 million, according to prior filings.
The latest filing marks the third consecutive quarter in which the value of Harvard’s crypto-related holdings declined reflecting both portfolio reductions and broader weakness across digital asset markets.
Harvard is funded, in part, by an endowment.
The endowment includes thousands of philanthropic gifts donated since Harvard’s early history, many of which were given to support specific aspects of Harvard’s teaching and research work. Together, these gifts form a permanent source of funding that connects scholars and learners from many diverse backgrounds with opportunities at Harvard, now and into the future.
As of 2025 fiscal year, the size of the fund is $56.9 billion.

INSTITUTIONAL | Crypto ETFs by the World’s Largest Asset Manager Generated Just $42 Million in Q1 2026




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Crypto financial services firm, Blockchain.com, has confidentially filed paperwork with the U.S. Securities and Exchange Commission for a potential initial public offering joining a growing list of digital asset firms seeking to tap public markets amid improving sentiment in the crypto sector.
The company said it submitted a draft registration statement on Form S-1 to the SEC allowing it to begin the regulatory review process before publicly disclosing financial details tied to the offering. Terms of the IPO, including the number of shares and pricing range, have not yet been determined.
The move comes as crypto firms revisit listing plans following a rebound in digital asset markets and a more supportive regulatory environment in the United States. Bitcoin has gained roughly 20% over the past three months, though it remains below its highs from earlier in 2026.
Blockchain.com joins firms including:
Kraken,
Grayscale Investments and
ConsenSys
that have either confidentially filed for IPOs or explored public listings as investor appetite for crypto-linked equities gradually returns.

INSTITUTIONAL | Kraken Says its ‘80% Ready to Go Public’ as it Moves to Restructure Operations and Profile

Founded in 2011 by Peter Smith, Ben Reeves, and Nic Cary, Blockchain.com operates crypto trading, wallet, and institutional services across more than 100 countries. The company says it has facilitated more than $1.1 trillion in crypto transactions.
Confidential filings have become a preferred route for crypto firms pursuing IPOs, allowing companies to work with regulators away from public scrutiny while waiting for more favorable market conditions. Analysts say the recent push toward public listings reflects renewed optimism that regulatory clarity under the current U.S. administration could reopen capital markets for digital asset businesses.

INSIGHTS | Why the Market Has No Appetite for Crypto IPOs




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More than three dozen European banks have lined up behind a single Euro stablecoin project as executives and policymakers grow increasingly concerned about the dominance of the U.S. dollar in the crypto market.


Amsterdam-based Qivalis had already secured backing from some of Europe’s largest lenders, including:
BNP Paribas,
ING, and
UniCredit,
for its stablecoin, which has yet to launch.

STABLECOINS | A Euro Stablecoin is Coming in H2 2026
The project lead, who is also the former Head of @Coinbase in #Germany, has said the project aims to provide a #EUROPEAN ALTERNATIVE to dollar-denominated #stablecoins and support real-time cross-border corporate #payments…
— BitKE (@BitcoinKE) March 3, 2026
The addition of another 25 banks, among them:
ABN Amro,
Intesa Sanpaolo, and
Rabobank
brings the total number of supporting lenders to 37 making the Qivalis initiative Europe’s largest stablecoin project by number of backers.

INSTITUTIONAL | Italy’s Biggest Bank More Than Doubles Exposure to Crypto Assets in Q1 2026

Stablecoins are digital tokens typically pegged to sovereign currencies and are widely used by traders to move funds in and out of cryptocurrencies.
Traditional banks are increasingly exploring stablecoins as a way to speed up and reduce the cost of back-office operations such as settlement, collateral management, and payments.
Qivalis is betting that launching its stablecoin with a critical mass of banks, along with their existing customers and payment networks, will help drive adoption and make the token more competitive with existing euro-denominated stablecoins.
European bankers have become increasingly concerned about the dominance of dollar-backed stablecoins and the growing influence of crypto firms in areas traditionally controlled by banks.

STABLECOINS | Europe Should Develop More Euro-Backed Stablecoins to Counter Dollar-Pegged Assets, Says French Finance Minister

Of the roughly $320 billion in stablecoins currently in circulation, almost all are denominated in U.S. dollars, with issuance dominated by Tether’s USDT and Circle’s USDC.
Christine Lagarde, President of the European Central Bank (ECB), said in May 2026 that the rising use of dollar-backed stablecoins in Europe posed a ‘legitimate concern that risks entrenching dollar dependency.’ Another senior official at the European Central Bank warned in 2025 that the growth of dollar stablecoins could weaken the ECB’s control over monetary policy.

STABLECOINS | The European Central Bank Warns Increased Stablecoin Use May Weaken Monetary Policy Flows

Jan-Oliver Sell, chief executive of Qivalis, told the Financial Times that ‘the European sovereignty angle’ was important, adding that the geopolitical environment was making it ‘attractive for people to think about an alternative to the U.S. dollar.’
Several euro-denominated stablecoins already exist though adoption has remained limited compared with their dollar rivals.
Circle’s EURC token is currently the largest euro stablecoin with a market capitalization of about $450 million, according to CoinMarketCap data, while its dollar-backed stablecoin has a market capitalization of roughly $77 billion.
Société Générale became the first major bank to launch its own stablecoin, Forge, in 2023, but the token has only about $123 million in circulation.
Another euro stablecoin, Eurite, has roughly $60 million in trading volume.

STABLECOINS | Spain Leads European Retail Market for This Euro Stablecoin in Q1 2026
This latest statistic comes 2 months after the European Central Bank warned that increased #dominance and use of #dollar-pegged #stablecoins is likely to #import foreign #monetary conditions…
— BitKE (@BitcoinKE) April 30, 2026
Sell said Qivalis is also in discussions with several non-European banks operating in countries that receive significant remittance flows from Europe about joining the consortium.
“We’re not competing with payments in Europe because payments in Europe work,” Sell said, adding that stablecoins would instead be used for cross-border transfers and immediate, or “atomic,” settlement.

Qivalis has applied for a license from the Dutch central bank and expects approval in the second half of the year.
“We are looking to be operationally ready by the time the licence comes so we can go live ASAP,” Sell said.


STABLECOINS | Financial Institutions and Corporate Treasury Teams Driving Stablecoin Adoption in Europe




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Trump Media-linked Truth Social has withdrawn plans for a spot bitcoin exchange-traded fund, underscoring how brutal the competition has become in a market now dominated by Wall Street giants willing to slash fees to win scale.
The proposed ETF, backed by Yorkville America Digital, was pulled this week after the issuer said it would shift focus toward products structured under the Investment Company Act of 1940 rather than traditional spot bitcoin commodity-trust vehicles.
However, analysts and market participants said the decision reflected a harsher reality: late entrants are struggling to survive in an increasingly commoditized Bitcoin ETF market.
The withdrawal highlights what has effectively become the next phase of the Bitcoin ETF wars – a battle no longer centered on regulatory approval but on fees, distribution power, and scale.

INSTITUTIONAL | World’s Largest Wealth Management Firm is Entering the Bitcoin ETF Race with Ultra-Low Fees

Since U.S. regulators approved spot Bitcoin ETFs in early 2024, asset managers have aggressively cut fees in a race for investor inflows.
That pressure intensified in 2026 after Morgan Stanley launched its MSBT Bitcoin ETF with a management fee of 14 basis points undercutting many rivals and directly challenging BlackRock’s dominant IBIT fund.

INSTITUTIONAL | Morgan Stanley’s Bitcoin ETF (MSBT) Debut Ranks it Among Top 1% ETF Launches

BlackRock’s IBIT has amassed roughly $62.65 billion in assets, giving it the scale to sustain lower fees while maintaining profitability.
By contrast, Yorkville’s Truth Social-branded ETF platform reportedly managed less than $50 million in assets in early 2026, far below the level needed to compete in a fee-compressed market.
Industry analysts said the economics have become unforgiving for smaller issuers offering undifferentiated bitcoin exposure. When a fund tracks the Bitcoin price, it delivers the same economic result whether it is a Fidelity, BlackRock, or Trump ETF. When commoditized, competition boils down to three things:
fees
liquidity
distribution

“A spot bitcoin ETF charging 14 basis points needs over $7 billion in assets to generate meaningful annual revenue,” says one report, highlighting how scale has become essential for survival.

Without a differentiated exposure, it is difficult to defend a higher fee.


Bloomberg ETF analyst, James Seyffart, said the regulatory explanation offered by Yorkville was unlikely to be the main reason behind the withdrawal noting that the structural differences between ’33 Act and ’40 Act products were already well understood across the industry.
The collapse of Truth Social’s ETF ambitions mirrors a broader consolidation trend sweeping the crypto investment industry where dominant firms with deep distribution networks are increasingly squeezing out smaller challengers.
Morgan Stanley alone has roughly 16,000 financial advisers overseeing nearly $7 trillion in client assets giving it a distribution advantage few crypto-native issuers can match.
Analysts have compared the current Bitcoin ETF landscape to the decades-long fee wars that transformed the traditional index fund industry where only the largest players ultimately survived while weaker entrants disappeared or were absorbed.
The previous ease of launching spot Bitcoin ETFs is over and only an ETF with a different wrapper will prove successful.


CASE STUDY | How This Wall Street Bank is Leveraging its Brand, Pricing, Distribution Network for its Bitcoin ETF



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London-listed trading platform, IG Group, plans to expand its cryptocurrency trading services across Europe through a partnership with Austrian crypto broker Bitpanda, as traditional financial firms deepen their push into digital assets under the EU’s new MiCA regulatory framework.
IG, which launched crypto trading in the United Kingdom in 2025, said Bitpanda will provide the infrastructure, including
liquidity,
trading connectivity, and
custody support
for the European rollout.
The companies did not disclose a launch timeline or financial terms.
The move comes as traditional finance firms increasingly broaden their exposure to digital assets amid improving regulatory clarity in Europe. Bitpanda, which holds MiCA licenses in Germany and Malta, has been expanding its institutional business and recently launched ‘Vision Chain,’ a blockchain network aimed at tokenized assets for banks and fintechs.

European Union (EU) Officials Agree on MiCA Rules Referring to Them as ‘Landmark Rules to End Crypto Wild West’

IG Group is a leading global financial technology company and one of the world’s largest CFD (contract for difference) and retail trading providers. Founded in the 1970s and known for pioneering spread betting in Britain, IG operates in over 20 countries and serves around 1.3 million customers globally while generating over $1.5 billion. The company reported first-quarter 2026 revenue of $445 million with spot crypto trading contributing $3.2 million.
The partnership adds to a broader wave of traditional financial institutions expanding into crypto services in 2026. Standard Chartered’s venture arm recently invested in crypto market maker, GSR, while custody giant, BNY, expanded digital asset services in Abu Dhabi.
Bitpanda has also been positioning itself as a key infrastructure provider for European banks and fintechs ahead of a potential public listing according to earlier reports.

STABLECOINS | Financial Institutions and Corporate Treasury Teams Driving Stablecoin Adoption in Europe




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The South Africa National Treasury has released a media statement stating that it is extending the deadline for public commentary on the draft Capital Flow Management Regulations 2026, former known as the The Exchange Control Regulations, 1961.
The statement revealed that most of the concerns received since the publishing of the draft regulations on April 17 2026 ‘related to the treatment, possession and trade of crypto assets, specifically the potential restrictions on cross-border transactions.’

The regulator however made it clear that the draft regulations ‘do not intend to criminalise the possession of crypto assets, or to apply the regulations retrospectively.’

REGULATION | South Africa’s Draft Capital Flow Management Regulations, 2026, to Demand Limited Crypto Holdings, Mandatory Resales

The statement added:
“A proposed cross-border crypto asset framework, in the form of a draft manual, will soon be released for public comment to complement the draft regulations. This draft manual will provide clarity on the proposed activities that would result in a crypto asset transaction being considered as cross-border and the transaction being subject to appropriate capital flow management measures.
The manual will also outline the obligations and responsibilities of authorised crypto asset service providers. The draft cross-border crypto asset framework is designed to enable lawful cross-border crypto asset transactions within clear guidelines, reducing uncertainty and protecting the integrity of the financial system under capital flow management framework.
The Constitution protects various rights, including property rights, while also recognising that suspected illicit activities warrant the attention of the authorities.”

EXPERT OPINION | Oversight Should Focus Where it Matters Most, Says MoneyBadger on the South Africa Capital Flow Management Draft Regulations
MoneyBadger urged Treasury to align the regulations more closely with a risk-based approach focused on high-impact cross-border… pic.twitter.com/HKGxMReyfD
— BitKE (@BitcoinKE) April 28, 2026
In terms of undermining private ownership, the statement said:
“The concerns that holders of crypto assets, or even other assets like gold or foreign currency, may in certain circumstances be requiried to sell these to the state or bans dealing in foreign exchange are misplaced. Any requirement to dispose of these assets would arise only under limited circumstances, such as where an offence has been committed.
Further, there have been various exemptions and relaxation of exchange controls over the years, resulting in South Africas being able to legitimately externalise capital for foreign investment diversification or hold foreign assets in various forms.
The current draft regulations are meant to strengthen the authorities’s abilities to detect, deter or disrupt illicit financial flows. The proposed framework will complement the regulatory regimes already implemented by the Financial Intelligence Center and the Financial Sector Conduct Authority.”

This latest update has received more positive commentary highlighting the need for clarity when it comes to crypto regulations.


According to Thomas N, a fintech expert:
“These Regulations are also replacing exchange control rules that date back to 1961. South Africa is rewriting the foundational architecture of how capital moves across its borders. That doesn’t happen often. And it doesn’t happen quietly.
The framework that gets finalised almost never reflects the draft. It reflects the conversations that happened during the comment period – who showed up, who submitted, who was already trusted in the room.”

The statement from the South Africa National Treasury follows industry backlash that saw the draft regulations as an overstretch when it comes to crypto regulations in the country.


EXPERT OPINION | Why South Africa Still Has Exchange Controls in 2026 and How Crypto is Getting Pulled Into It



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Elon Musk’s SpaceX disclosed holding nearly 19,000 bitcoin worth about $1.4 billion in a long-awaited IPO filing revealing a far larger cryptocurrency position than previously estimated and underscoring the growing role of digital assets on corporate balance sheets.
The rocket and satellite company said in its prospectus that it held 18,712 bitcoin as of the end of the first quarter, with a fair value of roughly $1.29 billion at the time. At current market prices, the holdings are valued at around $1.45 billion.
The disclosure makes SpaceX one of the world’s largest known corporate bitcoin holders, surpassing crypto exchange Coinbase’s treasury holdings and trailing only a handful of publicly traded firms such as Strategy and Tesla.

MILESTONE | Strategy Surpasses 800, 000 Bitcoins After a Record Purchase

The filing comes as SpaceX prepares for what could become one of the largest public offerings in history, with media reports valuing the company at more than $1.5 trillion.
SpaceX said it acquired the bitcoin at a total cost basis of about $661 million, implying an average purchase price of roughly $35,300 per token.


The company had long been rumored to hold bitcoin, though estimates from blockchain analytics firms had placed its stash closer to 8,000 BTC. The IPO filing marks the first official confirmation of the company’s crypto treasury position.
The disclosure also highlights billionaire Elon Musk’s continued ties to the cryptocurrency sector. In 2021, Tesla purchased $1.5 billion worth of bitcoin and briefly accepted the token as payment for vehicles before later selling most of its holdings.
Investor interest in crypto-related corporate treasuries has surged over the past year as bitcoin prices rallied and new accounting rules allowed companies to report digital assets at fair market value rather than at impairment-only valuations.
Bitcoin traded near record highs above $77,000 as of this writing boosting the value of corporate holdings across the sector.


BITCOIN | America’s Largest Bank Says Bitcoin Dominance as Institutional Crypto Asset is Unlikey to Change




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The U.S. Federal Reserve has proposed creating a new class of limited payment accounts that would give fintech and crypto firms restricted access to the central bank’s payment infrastructure marking the latest shift in Washington’s approach to digital asset companies seeking banking services.
The proposal would allow eligible firms to access Federal Reserve payment rails and transfer funds directly through the system but without many of the privileges granted to traditional banks. The accounts would not provide access to intraday credit, interest on reserves or the Fed’s discount window, according to the proposal.

REGULATION | Why U.S Banks Want the Ban on Stablecoin Yields Extended to 3rd Party Entities

Firms with diverse business models can use such accounts to clear and settle payments to increase speed and reduce their costs, but without master-account status.
The move builds on an idea first floated last year by Federal Reserve Governor, Christopher Waller, for so-called ‘skinny’ master accounts aimed at firms that do not require the full suite of banking services.
Crypto firms and fintech companies have long pushed for access to Fed master accounts arguing that direct access to payment rails would reduce settlement costs and improve transaction speeds. Traditional banks have opposed such efforts citing concerns about regulatory oversight and financial stability risks tied to firms that lack federal deposit insurance.
The proposal comes weeks after crypto exchange, Kraken, became the first crypto-linked firm to secure a limited Federal Reserve master account through the Kansas City Fed, a development analysts said could pave the way for additional approvals across the sector.

INSTITUTIONAL | Kraken Says its ‘80% Ready to Go Public’ as it Moves to Restructure Operations and Profile

The Fed said the proposal would not alter the legal eligibility requirements for account holders and noted that regional reserve banks would pause pending applications from non-traditional firms while the framework is reviewed.
The announcement also follows an executive order signed this week by U.S. President Donald Trump directing financial regulators and the Federal Reserve to review policies that may restrict fintech and crypto firms from accessing payment systems.
Federal Reserve Governor, Michael Barr, dissented from the proposal warning that expanding access without stronger safeguards could increase risks tied to illicit finance and regulatory arbitrage.


INSTITUTIONAL | The Industry Has Entered a New Phase of Mainstream Adoption, Say Crypto, Fintech Executives at Consensus Miami 2026




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Checker, a stablecoin infrastructure startup building tools for financial institutions, has raised $8 million in a funding round led by
Galaxy Ventures,
Al Mada Ventures and
Framework Ventures.
Additional investors included:
Latin American financial firms
Bitso and
Airtm,
Africa-focused investor
DFS Lab
Asian investors
Onigiri Capital,
SNZ Capital and
Velocity,
alongside angel investors from firms including:
Stripe,
Tala,
Flutterwave,
Mesh,
ComplyAdvantage and
Superstate.
Checker said it offers a single API that enables banks, fintechs, and other financial institutions to access:
stablecoin liquidity,
cross-border payments,
treasury services and
credit products
without integrating multiple providers.

STABLECOINS | The MasterCard $1.8 Billion BVNK Deal Signals the Importance of Underlying Stablecoin Infrastructure
In 2025 alone, #BVNK reportedly processed over $30 billion in #stablecoin payments.#BVNK will power stablecoin capabilities across Mastercard’s payment… pic.twitter.com/JTPPNd6Nta
— BitKE (@BitcoinKE) March 18, 2026
The startup said it is seeking to address fragmentation across digital asset markets where institutions often rely on a patchwork of liquidity providers, compliance systems, and payment rails to operate across jurisdictions.

“We have spent our careers dealing with the existing financial plumbing inside 24/7 global financial institutions,” Checker Co-Founder, Jack Chong, said in a statement.
“We’ve experienced how broken it is, and know how much better it can and should be.
This funding allows us to accelerate our mission to enable financial institutions from Brazil and Kenya, to Hong Kong and the United States, to transform how foreign exchange, payments, trading, and investment products are built. We are incredibly grateful for our customers’ and investors’ trust.”

Regarding artificial intelligence, Checker is developing AI agents for treasury and back-office operations.
“The friction points in fiat on-ramps and off-ramps remain the hardest problem to solve,” says Omar Laalej, General Partner at Al Mada Checker. He claims Checker has addressed this issue by creating a programmable and compliant network.

CASE STUDY | This Asian Deal Signals Upcoming Market Demand at Scale for Stablecoin Infrastructure

Checker said it processed more than $3 billion in transaction volume in its first 12 months, representing roughly 1% of annual global B2B stablecoin payments volume. The company said it now serves more than 30 regulated financial institutions across the United States, Europe, Latin America, Africa and Asia.
Clients include:
Rail, a cross-border payments startup recently acquired by Ripple,
Braza Bank in Brazil, and
Belo in Argentina.
The funding comes as investor interest in stablecoin infrastructure accelerates amid growing institutional adoption of tokenized payments and settlement systems. Analysts at Standard Chartered have projected the stablecoin market could grow to $2 trillion by 2028, while JPMorgan estimates the market may reach between $500 billion and $600 billion over the same period.
Checker said it plans to use the new capital to:
expand its payments infrastructure,
deepen global currency coverage, and
develop AI-powered tools
for treasury management, compliance and operational workflows.


REPORT | Stablecoins Could Reshape African Payments But Face Infrastructure, Regulatory Hurdles, Says Onafriq Report



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JPMorgan has said Ethereum and the broader altcoin market are unlikely to close the performance gap with bitcoin unless the crypto industry sees a significant revival in network activity and real-world blockchain adoption, according to a research note.
The bank said ether has continued to lag bitcoin both in price performance and institutional investor flows since the crypto market de-leveraging event in October 2025, highlighting weaker demand across decentralized finance and alternative blockchain ecosystems.

MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History

Since the October 2025 liquidation event, spot Bitcoin ETFs have clawed back about two‑thirds of their outflows versus only about one‑third for spot ETH ETFs with CME futures data showing institutional bitcoin exposure nearly restored while ETH futures remain well below prior levels.
Analysts at the Wall Street lender said that while Ethereum’s upcoming technical upgrades could improve scalability and lower transaction costs, previous network improvements have failed to generate a meaningful increase in on-chain activity or user adoption.

“Altcoins remain constrained by weak liquidity, shallow market depth and fading investor confidence,” JPMorgan said, adding that repeated protocol exploits, slowing DeFi growth and limited mainstream use cases continue to weigh on the sector.

INSTITUTIONAL | ‘DeFi Exploits, Limited Growth Are Holding Back Institutional Adoption,’ Says America’s Largest Bank

The comments come as bitcoin continues to dominate crypto market inflows during a period of macro-economic uncertainty and rising global interest rates. The bank highlighted spot ETFs as the clearest sign of this dominance saying altcoins ‘may continue to underperform Bitcoin (BTC)’ unless there is ‘meaningful improvement’ in network activity, decentralized finance (DeFi) adoption and real‑world applications.
JPMorgan’s assessment reflects a broader debate within the crypto industry over whether alternative blockchain networks can generate sustained economic activity beyond speculation and token trading.
The report also noted that institutional investors continue to favor bitcoin due to its perceived role as a macro hedge and store of value while many altcoin ecosystems have struggled to rebuild momentum following
a series of hacks,
declining token incentives, and
reduced venture capital funding
over the past year.

EXPERT OPINION | Crypto Has Split into 4 Major Segments @Bitwise CEO says the crypto market has effectively split into four major segments:
stablecoins and payments, Bitcoin as a macro asset, tokenization and on-chain finance, and blockchain infrastructure.
Bitwise CEO:… pic.twitter.com/fNtxmpOBgD
— BitKE (@BitcoinKE) May 17, 2026
Ethereum supporters argue the network is positioning itself for long-term adoption through scaling upgrades, tokenization infrastructure, and enterprise blockchain applications. At the Consensus 2026 conference, several Ethereum ecosystem participants said market demand would eventually ‘catch up’ with the network’s technological development.
JPMorgan however says upgrades alone will not rescue ETH’s relative trade.
Unless Ethereum can reignite on‑chain activity and demonstrate that those flows translate into fee revenue and token demand, JPMorgan expects Bitcoin to keep leading both on price performance and in capturing the next leg of institutional inflows.

INSTITUTIONAL | Morgan Stanley’s Bitcoin ETF (MSBT) Debut Ranks it Among Top 1% ETF Launches



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Solana memecoin launchpad platform, Pump.fun, generated more than a third of all application revenue on the Solana blockchain in the first quarter, underscoring how speculative retail trading continues to shape activity across crypto networks even as memecoin enthusiasm cools, according to a Q1 2026 report blockchain research firm, Messari.
Pump.fun brought in roughly $124.7 million in revenue during the quarter, accounting for about 36% of the $342.2 million generated by Solana-based applications overall, the report showed.
Interestingly, revenue at the platform rose 17% quarter-on-quarter despite a broader slowdown in memecoin trading activity.

2025 RECAP | 2025 Was the Deadliest Year on Record for Crypto Projects – Over Half Died Fueled By MemeCoins

The figures highlight a growing concentration of economic activity around a handful of speculative applications on public blockchains, particularly on Solana, where memecoin issuance and trading have become major drivers of transaction fees, liquidity flows, and retail participation.
The development offers a case study into how crypto ecosystems are increasingly dependent on attention-driven applications to sustain user growth and revenue generation. While decentralized finance and tokenization narratives continue to mature, speculative trading infrastructure remains one of the largest monetization engines in crypto.
Messari’s report showed Solana launchpads generated around $144 million in Q1 revenue, or roughly 42% of all application revenue on the network. Pump.fun remained the dominant player within that segment benefiting from its simplified token creation model and deep retail network effects.
The platform’s rise also reflects a broader shift in crypto market structure where consumer-facing applications, rather than base-layer blockchains themselves, increasingly capture the bulk of value creation. Similar trends have emerged across
stablecoin payments,
perpetual futures trading, and
token launch infrastructure.

STABLECOINS | Binance Dominates Over 60% of All Centralized Stablecoin Liquidity

Still, analysts say the model remains cyclical and highly dependent on retail speculation.
Pump.fun’s growth comes after several months of declining memecoin activity following the sector’s explosive rally in late 2025. Earlier reports showed the platform’s revenues had previously fallen sharply as speculative appetite weakened and traders rotated into other crypto sectors.
Even so, the platform has continued expanding its ecosystem. Pump.fun surpassed $1 billion in cumulative revenue earlier this year and has hinted at possible multi-chain expansion beyond Solana, according to industry reports.
The case also highlights one of the defining tensions in crypto markets: whether ecosystems built heavily around speculative trading can evolve into more sustainable financial infrastructure.
While memecoin-driven platforms generate significant revenue and user activity, critics argue that reliance on speculative flows leaves networks vulnerable to sharp downturns in sentiment and liquidity. Analysts have also raised concerns around insider trading, token manipulation, and sustainability as competition between launchpads intensifies.
For Solana, however, the strategy has so far helped maintain one of the most active onchain retail ecosystems in crypto even amid declining asset prices and lower DeFi activity during the quarter.


REPORT | USDT Stablecoin Dominates the Crypto Lending Market with Over 73% Market Share



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