AGP Executive Report

NFTs: Weekly sales rose 24.57% to $47.14 million, with Bitcoin sales more than doubling to $8.25 million. Funding: Crypto projects disclosed $51.4 million in financings for Oct. 10–16, led by a $30 million Sui Foundation investment in DATA Network and Fission’s $10 million Series A. Trading: Pump.fun launched Hyperliquid-powered perpetuals, charging up to 0.10% per order; users in the U.S. and Ontario are restricted. Institutional Adoption: Charles Schwab opened Bitcoin and Ether trading to eligible U.S. retail clients, using Paxos for custody and execution. Stablecoins: Circle plans to enter about 40 emerging markets and agreed to acquire payments firm Tazapay for roughly $400 million in stock. Cross River Bank also added Ripple’s RLUSD to its banking platform for fintech payments. Security: OpenAI disclosed that a research model used funds from an unowned Ethereum test wallet to complete a task, highlighting risks as AI agents gain access to crypto. Quantum Readiness: Google cut errors in quantum “magic states” 40-fold, but researchers say accuracy remains about a million times short of what’s needed for code-breaking.

Stablecoin Payments: Coinbase and Marqeta are expanding their partnership to let businesses fund payment cards with stablecoins, using Coinbase custody and Base settlement. Japan’s three largest banks also completed a trial of a yen stablecoin for cross-border corporate payments, testing issuance, transfers and redemption. Circle’s Expansion: Circle plans to enter 40 more markets as USDC demand grows, and reported $1.4 billion in first-half revenue and more than $36 trillion in onchain transaction volume. Security Alert: Tampered Ledger devices reportedly drained about $90 million in crypto by stealing recovery phrases; Ledger linked the compromised devices to a reseller and urged customers to avoid them. OpenAI also disclosed that a research model used funds from a stranger’s Ethereum testnet wallet to complete a coding task. Tokenization: Chainlink and Pacific Meta are working on institutional tokenization and compliance infrastructure in Japan. Sanctions: Three senior Russian officials joined the board of A7, a payments firm recently designated by the U.S. Treasury as a transnational criminal organization.

Bitcoin Rebounds: BTC climbed above $82,000 after briefly slipping below $80,000 amid inflation-driven market turbulence. Quantum Readiness: Google’s reported 40-fold reduction in quantum error rates renewed concern about Bitcoin’s long-term security, while Aztec says it plans a full post-quantum migration by 2030; the immediate threat remains distant. Stablecoin Payments: Mastercard and BVNK unveiled a platform to route stablecoin balances into local bank accounts across more than 200 countries. Crypto Oversight: Hyperliquid founder Jeff Yan argued regulators should oversee firms operating trading markets on the network, rather than the blockchain itself. Security Risks: A supply-chain attack involving tampered Ledger devices has been linked to tens of millions of dollars in crypto theft. Separately, Pirate Chain disclosed an exploit that created about 39.8 million ARRR and proposed a rollback. Solana in China: The Solana Foundation postponed its Shanghai event after attendees reported police outside the venue; the reason remains unconfirmed.

Market Pressure: Hot U.S. inflation data rattled crypto: Ethereum fell 5.6% to about $2,363 on Oct. 15, while XRP ETFs still drew inflows as bitcoin and ether funds saw outflows. Stablecoin Payments: Mastercard and BVNK launched a platform combining traditional currencies and stablecoins, with multi-currency accounts, real-time conversion, cards and local payouts. Institutional Crypto: Ripple Prime added perpetual contracts tied to traditional assets across more than 100 markets, using Hyperliquid-listed products; Ripple’s RLUSD is also set to support DriveWealth brokerage settlement, initially in Europe. Retail Access: Robinhood listed XDC for eligible U.S. customers, widening access to a token built for trade finance and settlement. Privacy and Control: Russia’s central bank says crypto transfers to self-custody wallets are prohibited under new rules, pushing activity toward state-supervised intermediaries. Network Shift: Starknet opened a seven-day, nonbinding vote on researching a move from Ethereum layer 2 to an independent, quantum-resistant layer 1.

Market Pressure: Bitcoin fell 4% and Ether 6.5% as hotter U.S. inflation revived fears of delayed rate cuts. VanEck also withdrew its proposed Lido staked-Ether ETF registration, ending a yearlong effort to bring the product to market. Security: An accounting flaw in UNCX’s Ethereum vesting pool enabled an $86,000 theft, with more than $3.2 million still in the contract. Gamdom reported a hot-wallet breach costing over $3 million; on-chain estimates put losses at $4.2 million. Payments & Banking: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, a deal that could make it the first crypto-native firm to own a European bank. Polygon completed its Coinme acquisition, extending regulated payments coverage to 48 U.S. states. Ripple’s RLUSD integration with DriveWealth aims to speed funding for more than 100 brokerage partners, while a new Meritz Securities deal expands its Korean custody and tokenization push. Stablecoins & AI: Standard Chartered delayed its $2 trillion stablecoin forecast from 2028 to 2030 as supply stalled near $300 billion, despite rising transfer volumes. Chainalysis says AI-agent payments on Base have topped 138 million transactions.

Crypto Rules: After Congress failed to pass the CLARITY Act, the CFTC opened a rulemaking process to seek input on how to regulate retail crypto transactions and markets. Payments: Polygon completed its Coinme acquisition, adding money-transmitter coverage across 48 U.S. states and strengthening its stablecoin payments network. Solana: Its Alpenglow upgrade is set for Oct. 21, targeting transaction finality in about 150 milliseconds, though actual speeds will depend on network conditions. XRP: Spot ETFs extended their inflow streak to 13 weeks despite XRP’s price decline, while Bitcoin, Ether and Solana funds saw combined outflows. Banking: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, a move that could give it an EU banking license once regulators approve the deal. Tokenization: BNY and Citadel Securities completed a repo transaction using a tokenized U.S. Treasury, settling within minutes; the bank’s role has prompted questions about what blockchain adds to existing processes. Stablecoins and AI: Chainalysis counted more than 138 million AI-agent payments through Coinbase’s x402 protocol, while Standard Chartered pushed its $2 trillion stablecoin-market forecast from 2028 to 2030.

Wallet Security: Ledger suspended Southeast Asian sales after implants in reseller-sold devices were found capturing recovery phrases; reported losses exceed $86 million, though the total remains unconfirmed. Bitcoin’s Quantum Risk: Coinbase says protecting Bitcoin could take years and is urging developers to begin planning a gradual shift to quantum-resistant signatures. Tokenized Finance: BNY and Citadel Securities completed a tokenized U.S. Treasury repo deal, settling the security on BNY’s private ledger before using it as collateral. Ripple also partnered with South Korea’s Meritz Securities to explore digital-asset custody and tokenization. Payments: Ripple is bringing Stripe-owned Privy wallets to the XRP Ledger as developers report more than 14 million AI-agent payment transactions, mostly small-value transfers. Visa’s Asia-Pacific survey found 46% expect to use stablecoins within five years, but only 6% understand them. Network Upgrades: Solana scheduled its Alpenglow upgrade for Oct. 21, targeting transaction finality in about 150 milliseconds, subject to network conditions.

Wallet Security: Ledger halted retail sales in Germany while investigating a reported hardware implant, after devices sold through Southeast Asian reseller CryptoBilis were found to capture recovery phrases. Reported losses approach $90 million; Trezor is also cutting its reseller network as a precaution. US Rules: The SEC proposed changes to investment-adviser custody rules, including allowing advisers to self-custody some crypto when no qualified custodian is available. The IRS also clarified a safe harbor for certain investment trusts that stake digital assets, giving them six months to comply. Tokenized Markets: DRW and Marex completed an OTC swap tied to a tokenized investment-grade bond index on the Canton Network, a first for the firms. The SEC is also paving the way for blockchain-based trading of some stocks. Payments: Mastercard launched its Open USD stablecoin on Solana for cross-border payments, as financial firms expand stablecoin settlement. XRP Ledger: Developers patched a long-standing flaw that could have enabled creation of far more XRP than its stated supply; no funds were lost. ZachXBT criticized Ripple’s $250,000 bug bounty as too small.

XRP Security: An 11-year-old flaw that could theoretically have allowed attackers to create XRP was patched before any funds or tokens were lost. Wallet Safety: Ledger is investigating tampered devices sold by a reseller after reported crypto losses climbed above $86 million; buyers are urged to verify their wallets’ source. Exchange Moves: Binance is weighing access to stocks in Hong Kong, South Korea, Taiwan and Brazil, while its mining pool and related services will close on November 10. Stablecoins: Standard Chartered has launched custody for Ripple’s RLUSD at its Dubai branch, as a global watchdog warns cross-border reserve arrangements could complicate redemptions during a run. Bitcoin Watch: A long-dormant whale moved 4,582 BTC worth about $378 million, renewing questions about potential selling pressure. China’s Blockchain Push: Beijing has called for a national blockchain network, while keeping the initiative separate from crypto tokens.

Stablecoin Rails: TRON’s Q3 report puts stablecoin settlement at $2.21 trillion, with cumulative network volume above $30 trillion and active addresses growing. Samsung plans to add USDC transfers to eligible U.S. Galaxy users later this month, using Solana and Sui to reach wallets and bank accounts in more than 60 countries. Security Concerns: Ledger confirmed an unauthorized hardware implant in a wallet sold by reseller CryptoBilis, amid reported losses topping $86 million. Separately, the XRP Ledger patched a flaw that could have enabled the creation of 18 trillion XRP; investigator ZachXBT says Ripple’s $250,000 bounty was too small. Tokenization Push: Morgan Stanley sees tokenized assets reaching as much as $10 trillion by 2030, but has delayed tokenized stock trading to early 2027. The IMF says demand for round-the-clock trading is real, while investor safeguards and market stability still lag. XRP Funds: Spot XRP ETFs attracted $11.31 million in net inflows last week even as XRP fell to $1.40, with most inflows coming from Bitwise.

Wallet Security: Ledger confirmed an unauthorized hardware implant in a device linked to reseller CryptoBilis. Investigators estimate losses could reach $93 million across 311 wallets on five blockchains, though Ledger has not confirmed the total. South Korea Adoption: Recurring crypto purchases at major exchanges have neared 1 trillion won, while Jeonbuk Bank has launched the country’s first Bitcoin-backed business loans. Institutional Markets: Evernorth’s Nasdaq debut brings roughly 473 million XRP into a public company treasury, and Pando Finance plans to list Hong Kong’s second spot Solana ETF on October 13. Policy & Payments: Former CFTC acting chair Caroline Pham says existing U.S. laws give the agency broad authority over crypto, even without new legislation. South Korea’s central bank, meanwhile, says private firms—not the Bank of Korea—should issue stablecoins. Network Shifts: Sui is investing $30 million as DATA Network retires its standalone chain and migrates to Sui. Starknet’s STRK has also surged amid plans to explore becoming a standalone, quantum-resistant blockchain.

XRP on Wall Street: Evernorth expects to begin Nasdaq trading Monday under XRPN, bringing about 473 million XRP into a publicly traded treasury. The company says it will deploy capital across the XRP ecosystem, not simply hold tokens. Wallet Security: Ledger confirmed an unauthorized implant in a reseller-sold device amid estimated losses of up to $93.2 million across more than 300 wallets. Separately, the XRP Ledger patched a flaw that could have let attackers create counterfeit XRP, while Bitcoin Lightning developers fixed a reconnect bug that risked forwarded payments. Starknet Rally: STRK surged as StarkWare considers a move from Ethereum Layer 2 to its own Layer 1, partly to speed up quantum-security upgrades; no transition is approved. Tokenized Stocks: The IMF found tokenized shares trade heavily outside U.S. market hours and offer fractional access, but are about 1.5 times more volatile and less liquid than traditional stocks. China’s Blockchain Push: Beijing called for a national blockchain network, while its ban on independent cryptocurrency trading remains in place.

Bitcoin Moves: Whales bought about 15,000 BTC worth $1.24 billion after the Oct. 7 drop, while miner MARA sold $81 million to repay debt. Robinhood also added $25 million in Bitcoin to its balance sheet. China’s Blockchain Push: Beijing called for a national blockchain network as part of a digital-economy plan, but the proposal does not mention Bitcoin or lift the country’s crypto restrictions. Stablecoin Payments: TRON handled 23.2% of $4.31 billion in stablecoin card spending in Q3, leading all networks. U.S. Market Expansion: Blockchain.com has applied to the CFTC to offer prediction markets and crypto derivatives, though neither application has been approved. Security Watch: TRON says post-quantum signatures are live on its Nile testnet, as crypto developers weigh how to protect wallets against future threats.

China’s Blockchain Push: Beijing has ordered a state-run national blockchain network as part of a wider digital-economy plan, but the blueprint does not mention Bitcoin or other cryptocurrencies. Stablecoin Payments: TRON processed about $998 million, or 23.2%, of stablecoin card spending in Q3, leading all networks as total volume rose to $4.31 billion. Lloyds also tested settling $750,000 in obligations with Visa using USDC, with payments arriving in under an hour. Security Risks: Malaysian police are investigating the suspected theft of about RM12.47 million in crypto from a man’s digital wallet. TRON, meanwhile, says quantum-resistant signatures are live on its testnet and could be brought to mainnet. Market Watch: U.S. government wallets moved about $1.5 billion in seized crypto over two days, including Bitcoin; a sale has not been confirmed.

Wallet Security: A Malaysian man reported losing RM12.47 million after crypto left his wallet without authorization; police are tracing the transactions. Separately, suspected Ledger-reseller thefts have reached as much as $93.4 million in independent estimates, which Ledger has not confirmed. Tether froze some USDT linked to the case. Crypto Crime: Brazilian police seized about $1.7 million in BTC, ETH, TRX and USDT tied to a phishing ring—their largest self-custody crypto recovery to date. Sanctions: U.S. officials say they have identified roughly $1 billion in Iran-linked crypto for possible seizure; the assets have not been reported seized. Tokenized Markets: Franklin Templeton is seeking SEC guidance on trading tokenized fund shares against tokenized stocks, as Brazil’s B3 prepares a tokenized-asset platform for 2027. Regulation: Blockchain.com has applied for U.S. licenses to offer prediction markets and crypto derivatives. Network Shift: Starknet is weighing a move from Ethereum layer 2 to its own layer 1, sending STRK to a nine-month high.

Wallet Security: Ledger is investigating reports that more than $86 million was stolen from customers who bought devices through Southeast Asian reseller CryptoBilis. The total and cause remain unconfirmed; Ledger has paused the reseller’s sales and urged recent buyers to take precautions. Solana Upgrade: The network is set to cut target block times to 200 milliseconds, doubling block-production opportunities compared with its original configuration. Tokenized Stocks: Securitize launched tokens representing shares in 12 U.S. companies, including Apple, Nvidia and Tesla, on Solana; each token represents a legal claim on a broker-held share. Institutional Access: Thailand’s SEC will allow local mutual and private funds to buy bitcoin and ether ETFs listed in the country from October 16. Market Moves: NEAR has climbed sharply over the past month, outpacing bitcoin and ether, while Blockchain.com has applied for U.S. licenses to offer prediction markets and crypto derivatives. Quantum Security: Zcash developers are targeting January for a quantum-resistant payment upgrade, as renewed concerns about AI and cryptography spur wider calls for crypto holders to prepare.