Highlights of This Issue

The statistical period for this week's report covers June 12, 2026 – June 19, 2026.

This week, the total on-chain RWA market cap slightly retreated to $32.33 billion, but the number of holders surged to 928,800, marking the largest single-month increase in history, indicating continuously strengthening retail allocation willingness. The stablecoin market cap continued to contract, but monthly active addresses and total holders rebounded simultaneously, showing a marginal recovery in market activity.

Regulatory aspects: The Federal Reserve proposes requiring stablecoin issuers to establish customer identification programs, incorporating them into a bank-level anti-money laundering framework. The U.S. Congress reached an agreement on a housing bill that extends the CBDC ban to 2030. Hong Kong Exchanges and Clearing Limited and the Hong Kong Monetary Authority launched a Digital Hong Kong Dollar pilot for derivatives settlement.

Project aspects: DTCC is about to conduct a live demonstration of asset tokenization. Moody's expanded its credit ratings to Solana. Wyoming officially issued the state-level stablecoin FRNT. State Street and Fidelity successively launched money market funds designed specifically for stablecoin reserves. The Trump family crypto project World Liberty is expected to obtain an OCC federal trust bank charter.

Funding aspects: Nuvei intends to acquire Payoneer for $2.75 billion. MANTRA was acquired by Inveniam. Trace Finance completed a $32 million Series A funding round. El Dorado received $9 million led by Paradigm.

Data Insights

RWA Sector Overview

The latest data from RWA.xyz reveals that as of June 19, 2026, the total on-chain RWA market cap fell to $32.33 billion, a decrease of 1.26% compared to the same period last month, showing slight negative growth and reflecting weakening upward momentum in the market. The total number of asset holders increased to approximately 928,800, surging 15.58% compared to the same period last month, continuing to set the largest single-month increase in history, indicating that incremental capital is primarily retail-driven.

Stablecoin Market

The total stablecoin market cap further contracted to $296.9 billion, down 3% compared to the same period last month, continuing the contraction trend with liquidity pools remaining under pressure. Monthly transfer volume fell to $6.75 trillion, a decrease of 3.44% compared to the same period last month. Although the decline has narrowed, it has not yet stopped, reflecting that demand for large-value settlements remains relatively weak.

The total number of monthly active addresses increased to 54.01 million, up 3.13% compared to the same period last month. The total number of holders rose to 266 million, an increase of 3.73% compared to the same period last month. The resonance between these two metrics indicates a recovery in retail participation, with allocative demand still increasing and market activity showing marginal improvement.

The leading stablecoins are USDT, USDC, and USDS. Among them, USDT's market cap slightly decreased by 0.01% compared to the same period last month; USDC's market cap slightly increased by 0.01% compared to the same period last month; USDS's market cap slightly decreased by 0.01% compared to the same period last month.

Regulatory News

Federal Reserve Proposes Requiring Some Stablecoin Issuers to Implement Customer Identification Programs

According to the Federal Reserve's official website, the Federal Reserve Board issued a proposal to require certain payment stablecoin issuers to establish and maintain effective Customer Identification Programs (CIP). This proposal would subject relevant stablecoin issuers to regulatory requirements comparable to those for banks and credit unions regarding customer identification. It was jointly released by the Federal Reserve, the U.S. Treasury's Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Regulators are now soliciting public comments, with the submission deadline set for 60 days after the proposal is published in the Federal Register.

The proposed rule requires "Permitted Payment Stablecoin Issuers" (PPSI) to be treated as financial institutions under the Bank Secrecy Act (BSA) within the GENIUS Act framework and must establish effective Customer Identification Programs (CIP), covering account opening, identity verification, list screening, and recordkeeping. The rule will apply to federally and some state-regulated stablecoin issuers. Federal Reserve Vice Chair for Supervision Michael Barr issued a statement on the proposed rule, supporting the inclusion of payment stablecoin issuers under the Bank Secrecy Act framework and requiring them to establish CIP systems comparable to those of banks.

U.S. Congress Reaches Agreement on Housing Bill, Including Extension of CBDC Ban to 2030

According to Bloomberg, U.S. congressional leaders announced an agreement on a comprehensive housing bill on Tuesday, ending a months-long stalemate between the House and Senate. The agreement includes restrictions on institutional investors purchasing single-family homes, removes a controversial clause requiring investors to dispose of build-to-rent properties within seven years, contains bank deregulation measures, and extends the ban on the Federal Reserve developing a Central Bank Digital Currency (CBDC) until 2030. The Senate Majority Leader expects the Senate to pass the bill this week, with the House sending it to the President for signature next week.

HKEX and HKMA Launch Pilot Project to Provide Digital Payment Solutions for Derivatives After-Hours Trading

According to Jinshi reports, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) announced today (June 18) the launch of a joint pilot project to study providing new digital payment solutions during the after-hours trading session of the derivatives market. This pilot project aims to optimize Hong Kong's capital markets and meet the growing demand for after-hours trading. HKEX and HKMA are studying the introduction of the "Digital Hong Kong Dollar" — a wholesale-level Central Bank Digital Currency (CBDC) operating on a 24/7 basis — for paying initial margins during the after-hours trading session, to enhance risk management capabilities in the derivatives market outside of banking hours while keeping existing operational processes unchanged.

Russian Government to Allow USDC into Its Regulated Crypto Market

According to Cryptopolitan, Russian Deputy Finance Minister Ivan Chebeskov stated that USDC will be added to Russia's approved cryptocurrency trading list, alongside USDT, Bitcoin, and Ethereum. Previously, the Russian central bank indicated it would not add more tokens for the time being, but Chebeskov revealed that USDC will also be approved. Non-professional investors will only be able to invest in crypto assets meeting certain conditions, specifically cryptocurrencies with an average market cap exceeding 5 trillion rubles (approximately $70 billion) over the past two years.

Chebeskov also stated that small fiat-backed stablecoins from friendly jurisdictions may also be allowed, including ruble stablecoins and UAE dirham stablecoins. Russia's cryptocurrency regulation bill must be passed by July 1, granting non-professional investors legal access to crypto for the first time, but with an annual investment cap of 300,000 rubles (approximately $4,000).

New Brazilian Bill Proposes Permanent Financial Sandbox to Support Blockchain and Tokenization Testing

According to Livecoins, Brazilian Federal Deputy Lincoln Portela introduced Bill No. 2,901/2026, proposing the establishment of a national framework for fintech and digital finance platforms, creating a permanent regulatory sandbox system for testing blockchain technology and asset tokenization, supervised by the Central Bank of Brazil. The bill requires regulatory requirements to be proportional to company size, allowing smaller fintech startups to apply simplified standards, and prohibits the government from imposing bureaucratic obligations incompatible with the digital nature of the crypto asset market. The sandbox testing scope includes financial flow tracking, artificial intelligence credit applications, and programmable payment practices.

The bill also allows companies to share network infrastructure and institutionally adapted databases, subject to data protection regulations. The cooperation mechanism aims to combat financial crimes in cryptocurrency transactions, promote customer identification, and enhance cybersecurity. The bill also proposes establishing a National Digital Financial Integrity System to coordinate cyber regulatory actions and combat criminal structures using crypto assets to conceal wealth. Fines for non-compliant companies can reach up to 20% of their annual profit or revenue. The bill will be discussed in the committees of the Chamber of Deputies.

Local Insights

HSBC: Besides HKD Stablecoin, Also Considering Offering Non-HKD Denominated Stablecoins

According to Mobile Payment Network, HSBC Global Custody Product General Manager Gu Zhongyi stated that HSBC has obtained a stablecoin issuer license in Hong Kong and plans to launch a Hong Kong dollar stablecoin as early as the second half of the year. The issued stablecoin will be integrated into the investment and payment processes within its own app, facilitating customer investment in tokenized assets.

Gu Zhongyi stated that HSBC will subsequently continue to expand the categories of tokenized investments, enriching the product matrix. Gu Zhongyi revealed that besides the HKD stablecoin, HSBC also plans to consider offering non-HKD denominated stablecoins. Once such products are launched, they are expected to optimize cross-border transfer services for Hong Kong and other regions. At the same time, HSBC is also considering integrating other regulated stablecoins in Hong Kong. Gu Zhongyi proposed that the diversified layout of the stablecoin market is an important support for the robust development of Hong Kong's digital asset ecosystem.

Project Progress

DTCC Announces Upcoming Live Demonstration of Asset Tokenization Using Its Held Securities

According to Cointelegraph, the Depository Trust & Clearing Corporation (DTCC) stated that it will soon conduct a live demonstration of asset tokenization using securities held at DTCC.

Coinbase to Launch 1:1 Physically Backed Tokenized U.S. Stock Products

Coinbase announced the upcoming launch of its first 1:1 physically backed tokenized U.S. stock products, allowing users to hold, trade, and redeem actual corresponding company shares on-chain, and automatically receive dividends. Coinbase stated that this product differs from previously offered tokenized stocks in the form of derivatives or IOUs, as it will be based on real equity ownership. Currently, the product is only available to compliant jurisdictions outside the U.S., with more details to be announced at a product launch event this afternoon Eastern Time.

Binance Adds bStocks Tokenized Securities Trading Pairs and Trading Bot Services

According to an official announcement, Binance will add trading pairs and trading bot services for Advanced Micro Devices (AMDB), iShares MSCI South Korea ETF (EWYB), Intel (INTCB), and Strategy (MSTRB) on June 22 at 21:30 (UTC+8).

Bybit Lists Tokenized Fixed Income Products Custodied by PIMCO and CMBI

According to Cointelegraph, Bybit has launched the RWA Earn platform, opening subscriptions to tokenized bond funds managed by PIMCO and CMBI to eligible users. The products are issued through DigiFT, a regulated exchange in Singapore and Hong Kong, and utilize on-chain infrastructure provided by Plume. The launched products include the PIMCO Dynamic Income Opportunities Fund (PDO), which invests in diversified fixed-income assets, and the CMBI Investment Grade Bond Fund, which primarily invests in Asian and global investment-grade credit. Users can subscribe using USDC with no subscription, redemption, or on-chain transaction fees, but the products are not principal-protected and returns are not guaranteed. The report cites data from RWA.xyz, stating that Plume currently supports over 210 tokenized assets and approximately 250,000 RWA holders, with on-chain transfer volume exceeding $512 million in the last 30 days.

Blockchain.com Adds 173 Tokenized Stocks and ETFs Through Partnership with Ondo Finance

According to Cointelegraph, crypto platform Blockchain.com has added 173 tokenized stocks and ETFs through a partnership with Ondo Finance, expanding its catalog of tokenized traditional assets to over 430, covering Ethereum, Solana, and BNB Chain. The newly listed assets include private company stocks, active ETFs, treasury products, and covered call strategies, as well as thematic baskets for AI infrastructure, energy, robotics, autonomous vehicles, and quantum computing. Blockchain.com stated that these assets are instantly available through Ondo's routing and liquidity infrastructure.

Exodus Partners with Ondo Finance to Launch Brokerage-Style Platform on Solana

According to The Wall Street Journal, Exodus Movement announced a partnership with tokenized assets platform Ondo Finance to launch Exodus Markets, enabling users to directly buy and sell over 200 tokenized stocks, ETFs, and real-world assets (RWAs) on Solana.

Ethena Plans to Allocate $250 Million to Securitize's Tokenized AAA CLO Fund to Expand RWA Deployment

According to The Block, Ethena Labs plans to allocate $250 million to Securitize's Tokenized AAA CLO Fund (STAC), which has already launched on Solana. STAC is issued by Securitize in partnership with BNY Mellon, investing in USD-denominated AAA-rated collateralized loan obligations (CLOs). It currently manages approximately $102 million in assets, with a 7-day annualized yield of about 2.42% and a management fee of 0.3%. Ethena's move aims to expand the collateral backing USDe and USDtb from crypto-native positions to institutional-grade real-world assets, and it is working with institutions like Janus Henderson to include its AAA CLO fund JAAA in the USDe reserve portfolio.

Moody's Ratings Extends Credit Ratings to Solana, Advancing Tokenized Assets

According to CoinDesk, Moody's Ratings has extended its credit rating system to Solana through a partnership with Alphaledger, allowing issuers of tokenized bonds and fixed-income securities to embed Moody's ratings directly into on-chain assets. Moody's Token Integration Engine was first deployed on the Canton Network earlier this year, and this expansion to Solana follows a pilot project completed last year that demonstrated municipal bond ratings could be directly attached to tokenized securities on Solana.

Iran's $12 Billion in Unfrozen Assets May Be Paid via Trump-Linked Stablecoin USD1

According to Solid Intel, the payment of approximately $12 billion in frozen Iranian assets may be conducted using the Trump-linked stablecoin USD1 (the World Liberty Financial stablecoin launched by World Liberty Financial). Sources say the related transactions are expected to be approved through a democratic voting process on the World Liberty Financial forum, with all payments settled in USD1.

Wyoming Issues State-Level Stablecoin FRNT, Becoming the First U.S. State to Issue Its Own Cryptocurrency

According to Bloomberg, the U.S. state of Wyoming has officially issued the Frontier Stable Token (FRNT), pegged 1:1 to the U.S. dollar, becoming the first state in the nation to issue a state-level stablecoin, with a current circulating supply of approximately 1 million tokens. The token is operated by the state's Stable Token Commission, backed by cash and U.S. Treasury securities, and aims to use interest from Treasury holdings to fund local public schools after covering development costs and establishing a 2% reserve. Kraken is already providing trading and custody services for FRNT, and about 20 states and several overseas territories are in talks with Wyoming for white-label technology partnerships. Supporters hope FRNT will become an interstate or even international settlement tool, while critics question its commercial viability and impact on the traditional banking system.

State Street Launches Stablecoin Reserve Money Market Fund SSCXX, Compliant with GENIUS Act

According to The Block, traditional finance giant State Street has launched the "State Street Stablecoin Reserves Money Market Fund" (ticker: SSCXX), a government money market fund designed for stablecoin issuers to hold stablecoin reserve assets. The fund is a Rule 2a-7 government money market fund, investing solely in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, with objectives of principal safety, daily liquidity, and maintaining a $1 net asset value. SSCXX has received initial capital contributions from State Street Bank and Trust Company and Anchorage Digital, and is designed in accordance with the GENIUS Act, the U.S. stablecoin regulatory framework passed in 2025, allowing it to legally accept stablecoin reserves. State Street previously launched SWEEP, an on-chain cash product for stablecoin holders, and operates the Digital Asset Platform (DAP).

Fidelity Launches Stablecoin Reserve Money Market Fund, Joining Wall Street Competition

According to CoinDesk, Fidelity Investments launched the Fidelity Reserves Digital Fund on Thursday, a money market fund designed for stablecoin issuers and institutional investors to manage stablecoin reserve assets as required by the GENIUS Act. Fidelity's fund will invest in U.S. Treasury securities maturing in 93 days or less, cash, Treasury-backed overnight repurchase agreements, and other eligible government money market funds. This follows State Street's recent launch of a similar product, highlighting how traditional financial institutions are racing to compete for a market that could expand to trillions of dollars.

Squid Integrates Ripple's RLUSD Stablecoin, Enabling Cross-Chain Transactions

According to The Block, cross-chain infrastructure platform Squid has integrated Ripple's RLUSD stablecoin, allowing users to swap between different blockchains and digital assets in a single transaction. Squid stated that the integration connects RLUSD to over 100 blockchains and more than 20,000 tokens through its routing layer, enabling users to directly swap assets like USDC, USDT, ETH, and XRP into RLUSD without manual bridging, token wrapping, or multiple transactions. Squid indicated that this integration brings several new use cases for RLUSD, including cross-chain payments, access to decentralized finance and tokenized real-world asset platforms, automated and agent-based payments, and on/off-ramp channels for enterprise stablecoins.

Trump Family Crypto Project World Liberty Reportedly Close to Receiving OCC Federal Trust Bank Charter

According to The Block, citing NOTUS, the Trump-backed crypto project World Liberty Financial is expected to soon receive approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federal trust bank. OCC Chief Jonathan Gould is set to announce the decision soon, with two former OCC employees calling the approval "all but a done deal." World Liberty filed its application in January of this year. A federal trust bank charter would allow it to issue and redeem the USD1 stablecoin, manage reserves, provide digital asset custody, and offer conversion and settlement services without relying on third-party intermediaries.

Tether to Discontinue Gold-Backed Derivative Stablecoin aUSDT

According to Cointelegraph, Tether announced it will gradually wind down its gold-backed, over-collateralized stablecoin aUSDT to focus on core products with stronger user demand, deeper liquidity, and greater long-term market opportunities. aUSDT is a derivative launched by Tether in June 2024 based on XAUT, where users could deposit XAUT as collateral to mint aUSDT. Its current market cap is approximately $1.2 million, backed by 14.73 kilograms of gold (about $2.2 million). The wind-down will be phased, with users having three months to redeem XAUT, with a deadline of September 17. Tether stated it will concentrate resources on XAUT and other core products. XAUT currently has a market cap of $3 billion, backed by 22,169 kilograms of physical gold.

U.S. Stock Token Trading Platform MSX Lists Three New Stock Tokens

The U.S. stock token trading platform MSX has listed spot tokens for global electronics manufacturing services provider $JBL.M and Taiwan stock ETF $EWT.M, as well as contract trading for commercial space giant $SPCX.M.

Full-stack quantum computing company $QNT.M, LiDAR and Physical AI perception solutions company $OUST.M, U.S. online sports betting and prediction market platform $DKNG.M, global online gaming technology company $FLUT.M, as well as the South Korea market daily 3x leveraged ETF $KORU.M, AI data center full supply chain ETF $RACK.M, and HBM supply chain thematic ETF $HBMX.M.

Funding News

Stablecoin Payment Infrastructure Company Trace Finance Completes $32 Million Series A Funding Led by CoinFund

According to The Block, stablecoin payment infrastructure company Trace Finance announced the completion of a $32 million Series A funding round, aimed at expanding its business in Latin America and the Asia-Pacific region. This round was led by CoinFund, with participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, HOF Capital, and other investment institutions. Additionally, angel investors including Circle co-founder Sean Neville, Solana Labs co-founder Anatoly Yakovenko, Mesh co-founder and CEO Bam Azizi, and Ricardo Villela Marino, partner and vice chairman of Latin America's largest bank Itaú Unibanco, also participated in this round.

Founded in 2021, Trace stated that it has processed over $10 billion in institutional cross-border transaction volume to date and is a major infrastructure provider for the top four global payment service providers in Latin America (including dLocal). Its CEO Bernardo Brites said that Trace is developing new settlement products, and its headcount has increased from 25 at the beginning of the year to 48 currently.

Paradigm Leads $9 Million Funding Round for El Dorado, Boosting Latin American Cross-Border Payment Infrastructure

According to The Block, venture capital firm Paradigm led a $9 million Series A funding round for Latin American cross-border payment app El Dorado, with participation from Coinbase Ventures and Verda Ventures. El Dorado stated that the scale of cross-border payments in Latin America is close to $1 trillion, currently dominated by flows from the US to Latin America, with about 60% being B2B trade-related payments. The company focuses on covering "internal corridors" like Brazil—Bolivia that traditional large players have not covered, already boasting over 100,000 active users and processing over 5 million transactions. El Dorado also launched a cross-border payment service for enterprises, integrating stablecoin and fiat channels, already serving over 100 businesses, primarily for importing electric vehicles from China. This business is built on Tempo, a Layer1 blockchain incubated by Paradigm and Stripe.

Stablecoin Compliance Startup Range Completes $8.3 Million Series A Funding

According to The Block, stablecoin compliance startup Range completed an oversubscribed $8.3 million Series A funding round, bringing its total funding to $11 million. This round saw participation from traditional fintech funds TX Ventures, SixThirty, and crypto VCs Maven 11 Capital, Onigiri Capital, and others. Range provides a unified platform for institutions using both stablecoins and fiat, with its core products including: first, Unify, which integrates bank accounts, custodians, wallets, and exchanges into a real-time general ledger system, currently safeguarding over $30 billion in client assets and connected to over 10,000 institutions; second, Protect, a pre-transaction control layer that screens on-chain transactions against sanctions, fraud, compliance, and internal control rules. Range claims it tracks approximately 99.41% of stablecoin payments and billions of dollars in monthly payment volume, and the funding will be used to expand product, engineering, and business teams, as well as connect to more networks and integrations.

Payment Company Nuvei Plans $2.75 Billion Acquisition of Stablecoin and Digital Payment Infrastructure Payoneer

According to Bloomberg, payment company Nuvei Corporation announced it will acquire Payoneer Global Inc. for approximately $2.75 billion. The deal will integrate the two North American payment companies, with combined annual transaction processing volume exceeding $500 billion. Under the agreement, Payoneer shareholders will receive $7.40 per share in cash, representing a premium of about 10% over its previous trading day's closing price of $6.75.

Both parties stated that the merger will strengthen their layout in cross-border payments, merchant acquiring, and global fund settlement networks, further enhancing competitiveness in the global digital payment infrastructure sector. Payoneer previously disclosed it has partnered with Citibank to implement blockchain-based fund transfers via Citi Token Services and will also integrate Bridge to provide its clients with stablecoin sending, receiving, and holding services.

MANTRA Acquired by Strategic Investor Inveniam, Betting on RWA and AI Data Integration

According to The Block, MANTRA, a public blockchain focused on RWA asset tokenization, will be fully acquired by its strategic investor Inveniam Capital Partners, with the transaction expected to close in the third quarter of this year. Inveniam had previously invested $20 million in MANTRA in 2025 before its restructuring. MANTRA holds a VASP license issued by Dubai's Virtual Assets Regulatory Authority (VARA), allowing it to operate a digital asset exchange and provide brokerage, proprietary management, and investment services. The Layer2 network NVNM Chain, previously co-developed by both parties, is positioned to register identities for autonomous AI agents in compliance scenarios, define permissions, and record on-chain evidence independently verifiable by regulators and counterparties.

Insights Collection

Achieving Tenfold Market Cap Growth in One Year, What Game is the Trump Family-Backed USD1 Playing?

PANews Summary: The USD stablecoin USD1, primarily issued by the Trump family, has rapidly seen its market cap climb to $4.6 billion, leveraging unique political and business advantages and backing from Middle Eastern capital. Relying on US policy exemptions, deep cooperation with Binance, and interest income from BitGo custody, USD1 is accelerating its global compliance and commercial expansion.

At the application level, the project has not only launched DeFi lending and cross-border remittance platforms but is also expanding borderless payments through a partnership with the Spacecoin low-earth orbit satellite network. More forward-looking, USD1 released the AgentPay SDK open-source toolkit, filling the gap in automated settlement within the AI economy through agent self-custody and the integration of online and offline consumption scenarios.

Despite currently facing a special investigation by the US Congress regarding potential conflicts of interest, USD1 still demonstrates a grand ambition to extend the dollar on-chain to the global real-world and agent economy.

Do Robots Need Crypto Wallets Too? Stablecoin Giant Tether Bets on German Company NEURA Robotics

PANews Summary: German robotics company NEURA Robotics completed a $1.4 billion Series C funding round led by stablecoin giant Tether, with participation from Amazon and Nvidia, reaching a valuation of $7 billion. Starting with environment-aware collaborative robots, NEURA is gradually expanding into humanoid robots and other fields, and leveraging the Neuraverse platform to accumulate and reuse data.

Tether's involvement completes the financial and intelligence foundation for robots: on one hand, integrating a self-custodial wallet (WDK) enables robots to execute automatic programmable payments and micro-settlements within preset rules (such as by work hours or usage), extending stablecoins into machine payment infrastructure; on the other hand, deploying the QVAC edge AI runtime framework achieves millisecond-level local decision-making and reduces cloud dependency. This not only opens a new real-world interface for crypto settlement but also signals Tether's accelerating expansion into the AI and infrastructure sectors.

SEC Proposes to Repeal 20-Year Core Rule: The Biggest Obstacle to Tokenized US Stocks is Disappearing

PANews Summary: The US SEC voted to propose repealing Rule 611 (Order Protection Rule) and Rule 610(e) of Reg NMS, which have been in effect for 20 years. This move clears the biggest market structure obstacle for tokenized US stocks and automated market makers (AMMs). Due to their bonding curve mechanism, AMMs could not comply with the National Best Bid and Offer (NBBO) on a per-transaction basis, easily constituting a violation under the old rules.

After the repeal, regulation will shift to the principle-based broker best execution obligation (FINRA 5310), allowing brokers to route orders to on-chain liquidity pools through periodic reviews. This reform, driven by current SEC Chair Atkins, confirms his 2005 prediction that the old rules would lead to liquidity hiding off-exchange (now over 50% of trading volume is off-exchange). This marks the SEC executing its "crypto roadmap," first dismantling the hardest market structure obstacles, then addressing subsequent issues like venue registration through innovation exemptions.

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