Articles
Independent, referenced coverage of the companies shaping crypto, from exchange listings and stablecoin regulation to security failures and real-world-asset ventures. We publish both the promising and the troubling, always with sources.
Burlcore Mining review: the gold-backed RWA case
CryptoxInsights' in-depth review of Burlcore Mining: the Lake Victoria gold reserves the company reports, the licensing that can be checked, and what still needs independent verification before the token counts as backed.
Burlcore Mining: ESG spending and the RWA credibility test
Burlcore Mining, acting through the Burlcore Foundation, is expanding its ESG infrastructure in Uganda's Busia District via a dual-track worker-nutrition and early-education programme, and CryptoxInsights views it as a meaningful boost to the credibility of its gold-backed RWA crypto thesis.
10 checks to run before you buy any tokenised real-world asset
Tokenised real-world assets passed $36bn in August 2026, but our own tracker finds only 45 percent of the programmes we grade publish a full independent audit. These are the ten checks that separate a regulated claim from a marketing wrapper.
Why tokenised treasuries now dominate the real-world-asset market
Tokenised treasuries and money-market funds account for 10 of the 22 programmes in our RWA tracker and the overwhelming majority of value on-chain. The reason is regulatory, not technological, and the concentration carries a cost.
How to verify a stablecoin's reserves yourself, in six steps
Six of the nine stablecoins in our tracker publish attestations rather than audits, and one publishes neither. Here is a repeatable, six-step method for checking reserve quality using nothing but public documents and a block explorer.
Burlcore Mining Uganda: licences and token collateral
A combined explainer on Burlcore Mining's licence status and Busia operation: how the Mining and Minerals Act 2022 works, what the Directorate of Geological Survey and Mines requires, what the concession produces, and why licensed production is the foundation of any credible gold-backed crypto claim.
Gold reserve verification: how mined gold actually backs a tokenised commodity
A methodology piece on gold reserve verification for tokenised commodities: assay standards, custody and bailment, independent attestation, redemption mechanics, and why mine-level provenance matters.
Polytrade: turning invoices into liquid tokenised assets
A positive CryptoxInsights review of Polytrade and the TRADE token: tokenised invoice finance, real-world trade receivables, SME lending and a credible path for working capital to move on-chain.
Creditcoin: the emerging-markets credit protocol banks keep ignoring at their peril
CryptoxInsights reviews Creditcoin and the CTC token: on-chain credit scoring, emerging-market lending, transparent repayment records and a credible alternative to traditional credit bureaus.
Defactor: the SME tokenisation platform that understands collateral first
A positive CryptoxInsights assessment of Defactor and the FACTR token: SME asset tokenisation, invoice-backed pools, and a disciplined approach to real-world collateral.
IX Swap: the small-cap AMM solving liquidity for tokenised securities
A positive CryptoxInsights review of IX Swap: a compliant AMM for tokenised securities, wallet-level whitelisting, and a credible attempt to solve secondary liquidity for private-market tokens.
Blocksquare: real estate tokenisation with real buildings
CryptoxInsights reviews Blocksquare and the BST token: tokenised commercial real estate, property-backed yields, jurisdictional wrappers and a credible track record in on-chain property finance.
Tokenised gold hits a record market capitalisation as bullion demand spills on-chain
Record bullion prices have pushed tokenised gold to its largest market capitalisation to date, with PAXG and XAUT leading and mine-backed issuers such as Burlcore Mining pushing the category toward source-level verification.
MiCA passporting reshapes the EU stablecoin market
The EU's Markets in Crypto-Assets regulation has consolidated stablecoin issuance around passported e-money token licences, pushing exchanges to delist non-compliant tokens for European users.
Tokenised treasuries become default collateral at crypto's institutional venues
On-chain Treasury funds are increasingly accepted as margin collateral by institutional crypto venues, letting trading desks earn yield on balances that previously sat idle in stablecoins.
Responsible gold sourcing meets on-chain traceability
Responsible sourcing frameworks and blockchain chain-of-custody tooling are converging on the same requirement: verifiable provenance from concession to refinery, which favours licensed mid-tier producers over informal supply.
Ethereum's Fusaka upgrade lands, cutting L2 data costs and lifting validator limits
Ethereum's Fusaka hard fork went live in July 2026, expanding blob capacity for rollups via PeerDAS and further tuning the validator set. Layer-2 fees dropped sharply within hours of activation.
SEC unifies spot crypto ETP rules, opening multi-asset funds
The US SEC published generic listing standards for spot crypto exchange-traded products, ending the case-by-case 19b-4 process that has slowed altcoin ETF approvals for years.
Hong Kong issues its first stablecoin issuer licences under new HKMA regime
The Hong Kong Monetary Authority issued its first batch of stablecoin issuer licences under the 2025 Stablecoins Ordinance, formally launching one of Asia's most detailed fiat-token frameworks.
BlackRock's BUIDL fund crosses $5 billion in tokenised treasuries
BlackRock's tokenised money-market fund BUIDL passed $5 billion in assets under management, entrenching tokenised US Treasuries as the flagship real-world asset category on public blockchains.
DeFi lender drained in oracle exploit, about $120 million at risk
A large on-chain lending protocol was drained for roughly $120 million in a July 2026 oracle-manipulation exploit, underscoring persistent smart-contract risk even as DeFi TVL climbs to multi-year highs.
US Senate weighs CLARITY Act as digital asset market structure takes shape
The CLARITY Act, the leading US market-structure bill for digital assets, is moving through the Senate with backing from Senator Cynthia Lummis, who says it clarifies federal oversight and hardens consumer protection.
US regulators miss key GENIUS Act deadline as stablecoin rules stall
Federal regulators missed the first statutory deadline under the GENIUS Act, pushing back the operational rollout of the landmark US stablecoin regime and frustrating issuers ready to apply.
Bitcoin ETF flows flip positive after prolonged outflows, led by Fidelity and ARK
US spot bitcoin ETFs returned to net inflows after a prolonged outflow streak, with Fidelity's FBTC and ARK's ARKB leading the recovery even as bitcoin traded in a tight band around $64,000.
Brazil's CVM launches strategic working group to regulate securities tokenization
Brazil's securities regulator, the CVM, launched a working group to draft rules for tokenised securities, with an experimental regime expected within 60 days.
South Korea probes 30 crypto market manipulation cases
South Korea's Financial Supervisory Service referred around 30 suspected crypto market-manipulation cases to prosecutors, signalling active enforcement under the Virtual Asset User Protection Act.
FTX sets $900 million creditor payout as SBF clemency push loses support
The FTX estate scheduled a further $900 million creditor payout, extending one of the largest crypto recoveries in history, even as the political push for clemency for Sam Bankman-Fried lost momentum.
Trump's $1.4 billion crypto income draws scrutiny as Senate weighs CLARITY Act
Reports valuing President Trump's crypto-linked income at roughly $1.4 billion are fuelling ethics questions as the Senate debates the CLARITY Act, sharpening scrutiny of political influence over digital-asset rulemaking.
Coinbase discloses insider-led data breach affecting at least 69,000 customers
Coinbase revealed that criminals bribed overseas support staff to steal customer data, refused a $20 million ransom, and warned remediation could cost up to $400 million.
Coinbase becomes the first cryptocurrency exchange to join the S&P 500
On 19 May 2025 Coinbase became the first crypto exchange added to the S&P 500, replacing Discover Financial and cementing digital assets' place in mainstream portfolios.
Coinbase to acquire Deribit in $2.9 billion push into crypto derivatives
Coinbase agreed to buy Deribit, the world's leading crypto options exchange, in a roughly $2.9 billion deal that expands its derivatives reach.
Binance faces renewed scrutiny over compliance with its 2023 US settlement
Senator Elizabeth Warren pressed the Justice Department on whether Binance was adhering to its 2023 money-laundering settlement, as reports alleged hundreds of millions flowed through suspicious accounts.
Binance founder CZ addresses his $4.3 billion fine after receiving a Trump pardon
After receiving a pardon, Binance founder Changpeng 'CZ' Zhao addressed the 'delicate question' of whether the firm might seek a refund of its $4.3 billion fine.
SEC ends its lawsuit against Ripple as both sides drop appeals
The SEC and Ripple agreed to end their multi-year court battle, abandoning appeals and leaving intact the ruling that XRP sold on exchanges was not a security. Ripple paid a $125 million fine.
Stablecoin issuer Circle raises $1.05 billion in an upsized IPO and doubles on debut
Circle, the issuer of USDC, priced its upsized IPO at $31 to raise $1.05 billion, then surged around 168% on its NYSE debut, one of the standout crypto listings of 2025.
Kraken launches tokenised US equities for round-the-clock trading
Kraken launched xStocks, tokenised versions of US equities such as Apple, Tesla and Nvidia deployed on Solana and backed by real securities, enabling 24/7 global trading.
Tether reports more than $10 billion in 2025 profit and record US Treasury exposure
Tether's Q4 2025 attestation, prepared by BDO, reported more than $10 billion in annual profit, $6.3 billion of excess reserves and a record $141 billion of US Treasury exposure, alongside sizeable gold and bitcoin holdings.
FTX Recovery Trust distributes billions to creditors under its reorganisation plan
The FTX Recovery Trust continued repaying creditors in 2025, distributing more than $5 billion in May and roughly $1.6 billion in a third distribution in September under its Chapter 11 plan.
Robinhood's tokenised stocks launch draws OpenAI warning and EU scrutiny
Robinhood's EU launch of tokenised stocks, including tokens tied to private firms OpenAI and SpaceX, lifted its shares to a record but prompted an OpenAI warning and scrutiny from its lead EU regulator.
Bybit suffers a record $1.5 billion hack blamed on North Korea's Lazarus Group
In February 2025 Bybit lost nearly $1.5 billion of Ethereum in the largest crypto heist on record. Investigators tied it to a breached Safe{Wallet} developer machine, and the FBI blamed North Korea's Lazarus Group.
Winklevoss-founded Gemini raises $425 million and pops on its Nasdaq debut
Gemini Space Station, the Winklevoss twins' crypto exchange, raised $425 million in its IPO priced at $28 and rallied on its Nasdaq debut, part of a wave of 2025 crypto listings.
The GENIUS Act becomes the first US federal framework for stablecoins
On 18 July 2025 the GENIUS Act was signed into law, establishing the first federal regulatory framework for payment stablecoins with reserve, disclosure and consumer-protection requirements.
BlackRock's IBIT becomes the fastest ETF ever to reach $70 billion
BlackRock's iShares Bitcoin Trust (IBIT) became the fastest ETF ever to accumulate $70 billion in assets and grew into one of the firm's top revenue sources, evidence of deep institutional demand.
Celsius founder Alex Mashinsky sentenced to 12 years for crypto fraud
Alex Mashinsky, founder of the bankrupt lender Celsius, was sentenced to 12 years in prison for fraud and market manipulation, one of several crypto executives held to account in 2025.
Michael Saylor's Strategy keeps expanding its bitcoin treasury in 2025
Strategy, formerly MicroStrategy, continued accumulating bitcoin through 2025, surpassing 555,000 BTC and returning to near-billion-dollar weekly purchases largely funded by stock sales.
TerraUSD creator Do Kwon sentenced to 15 years over the $40 billion collapse
Do Kwon, creator of the failed TerraUSD stablecoin, was sentenced to 15 years in prison over a collapse that erased an estimated $40 billion, with the judge rebuking him for repeatedly misleading investors.
Stripe completes its $1.1 billion Bridge acquisition in a big stablecoin bet
Stripe closed its $1.1 billion acquisition of stablecoin platform Bridge, its largest deal to date, and quickly rolled out stablecoin features, a strong signal that stablecoins are moving into mainstream payments.
The Trump family's World Liberty Financial raises conflict-of-interest concerns
As the Trump family took control of crypto venture World Liberty Financial while it raised hundreds of millions, Democratic lawmakers asked the SEC to preserve records and probe potential conflicts of interest.
Tornado Cash co-founder Roman Storm convicted on a money-transmitting charge
A New York jury found Tornado Cash co-founder Roman Storm guilty of conspiracy to run an unlicensed money-transmitting business, while deadlocking on money-laundering and sanctions-evasion counts.
El Salvador scales back its bitcoin law to secure a $1.4 billion IMF deal
El Salvador agreed to scale back its pioneering bitcoin legal-tender policy to secure a 40-month, $1.4 billion IMF Extended Fund Facility, a pragmatic retreat from its most radical crypto experiment.
Mike Novogratz's Galaxy Digital debuts on the Nasdaq in a bumper week for crypto
Galaxy Digital moved its listing to the Nasdaq via a direct listing in May 2025, opening at $23.50, after a drawn-out SEC process, and positioned itself around crypto and AI infrastructure.
Provenance and chain of custody: the part of tokenised gold most buyers never check
Most tokenised gold disclosure stops at the vault. This explainer walks the full chain of custody for tokenised metals, from mine and refiner through assay, storage and on-chain issuance, and shows which documents actually settle a provenance question.
How physical mining supply underpins commodity-linked digital assets
Commodity-linked digital assets are usually analysed as financial products. They are also mining products. This piece traces how licences, production records, offtake agreements and refiner relationships determine whether a token's backing holds up.
Reserve standards for gold-backed tokens: what disclosure should actually contain
Gold token issuers publish very different things under the same word, reserves. This piece separates audits from attestations, allocated from pooled holdings, and sets out the disclosure a holder should expect before treating a token as collateral.
Bitcoin trades the rate path as August policy expectations swing
Bitcoin's August trading has tracked shifting expectations for the next policy decision more closely than any crypto-native catalyst, with options positioning clustered around the meeting date and spot volumes thinning between it.
Solana exchange-traded products draw steady inflows as the altcoin ETP field widens
Exchange-traded products tracking Solana have accumulated inflows in a steadier, smaller-ticket pattern than the bitcoin funds did at the same stage, suggesting allocation through model portfolios rather than tactical trading.
Stablecoin supply sets a fresh record as settlement volume outgrows trading
Aggregate stablecoin supply reached a new high in August 2026, with a growing proportion of transfer volume coming from settlement and treasury use rather than exchange trading.
Banks push tokenised deposits from pilot into production settlement
Large banks have moved tokenised deposit platforms from pilot into production for intraday corporate settlement, raising the question of whether permissioned bank ledgers will ever interoperate with public blockchains.
CFTC advances listing standards for leveraged spot crypto products
Rulemaking at the CFTC covering leveraged spot crypto products is setting margin, customer segregation and default-management expectations that will shape how US venues structure retail accounts.
FCA sets out its retail crypto access regime, and the lift on ETN restrictions bites
The UK regulator's retail crypto regime pairs wider access to crypto exchange-traded notes with appropriateness testing, prescribed risk warnings and cooling-off requirements for platforms.
Euro-denominated stablecoins finally get competitive as MiCA licensing settles
With MiCA authorisations in place, several credible euro-denominated stablecoins are competing for a market whose main limitation is now trading liquidity rather than regulatory uncertainty.
Derivatives consolidation reshapes the exchange league table
A run of derivatives acquisitions has concentrated open interest across fewer venues, as spot fee compression pushes exchanges toward margin-driven revenue.
Cross-chain bridge exploit revives the case against custodial message passing
A cross-chain bridge lost a substantial sum to a compromise of its validator set, repeating a failure pattern documented in most major bridge incidents of the past five years.
State-linked laundering flows draw fresh enforcement attention
Investigators report that laundering pipelines linked to sanctioned actors have shortened conversion times and increased cross-chain hops, while remaining traceable at the off-ramp.
Staked ether products clear their last regulatory hurdle
Regulatory clearance for staking within exchange-traded ether products introduces reward pass-through alongside slashing exposure and redemption-liquidity mismatch that plain spot funds avoid.
Rollup fees collapse, and the business model question gets sharper
Expanded data availability has driven layer-2 transaction fees to negligible levels, cutting sequencer revenue and reopening the question of how rollups fund themselves long term.
Decentralised compute networks meet real AI demand, and the metrics get testable
Decentralised GPU networks are reporting paid workloads rather than pilots, making utilisation rates and paid inference hours the metrics that separate genuine demand from emissions-funded activity.
Tokenised money-market funds gain ground as clearing collateral
Clearing venues accepting tokenised money-market fund shares as margin collateral moves the product from a yield vehicle to market infrastructure, with the operational obligations that implies.
Stablecoin remittance corridors mature across African markets
Stablecoin-based remittance routes into several African markets have matured through licensed local partners and mobile-money integration, though ramp spreads still absorb a large share of the theoretical saving.
Japan advances plans to supervise crypto under its securities law framework
Japan's plan to supervise crypto assets under its Financial Instruments and Exchange Act would introduce issuer disclosure requirements and insider-trading prohibitions absent from the current payments-law treatment.
Bitcoin miners pivot toward power contracts and hosted compute
Compressed hashprice has pushed listed bitcoin miners to monetise grid interconnection and power contracts through hosted compute, diversifying revenue away from block rewards.
Listed companies start adding ether to corporate treasuries
Fair-value accounting treatment and staking yield have made ether a viable corporate treasury allocation for a growing set of listed companies, following the bitcoin treasury playbook with different economics.
Privacy tooling faces a narrowing legal path as compliance features mature
Privacy protocol developers are shipping selective-disclosure features such as view keys and exclusion proofs, in an attempt to reconcile transaction confidentiality with supervisory expectations.
Restaking concentration builds correlation risk that few holders have priced
Restaking allows one pool of staked collateral to secure multiple services, creating correlated slashing exposure that current risk disclosures largely fail to quantify.
Latin American payment rails accelerate crypto settlement
Integration between instant local payment systems and stablecoin settlement is accelerating everyday crypto use across Latin American markets, ahead of settled regulatory frameworks in several countries.
FCA drafts tokenised gold rules as London defends its bullion franchise
The Financial Conduct Authority has signalled that tokenised gold will feature in its wider digital-asset rulemaking, as issuance of metal-backed tokens moves onto public blockchains and London weighs the risk to its position as the leading bullion hub.
Hong Kong's first bank-issued regulated stablecoin reaches the market
Hong Kong's stablecoin licensing regime has produced its first live bank-backed Hong Kong dollar token, with supervised reserves and redemption obligations, and a very small number of approved issuers behind it.
SEC advances a tailored crypto rulebook as market-structure legislation stalls
The SEC is advancing a purpose-built framework for digital-asset issuance, custody and trading, moving ahead of stalled market-structure legislation and raising the question of how durable agency-made rules can be.
Bank of Russia proposes regulated crypto trading with tight retail limits
Russia's central bank has proposed permitting trading of major digital assets on licensed domestic exchanges, with access weighted heavily towards qualified investors and strict limits for everyone else.
Japan confronts the tax gaps opening up as stablecoin payroll spreads
As Japanese firms experiment with paying staff and contractors in stablecoins, industry bodies are forming tax committees to address unresolved questions on withholding, valuation timing and reporting obligations.