Crypto & Web3 — 2026年5月25日 週次レポート
重要な発見
重要な発見（13件）
- 1.The KelpDAO exploit on April 18, 2026 became the year's largest DeFi hack: an attacker minted 116,500 unbacked rsETH tokens worth approximately $292 million via a bridge vulnerability, used them as Aave V3 collateral, and left roughly $196 million in bad debt, triggering a $6.6 billion Aave TVL drop and a 16% AAVE token decline [4].
- 2.A coordinated DeFi United recovery effort raised approximately $160 million of the $200 million needed to cover bad debt from the KelpDAO exploit, with Mantle and Aave DAO contributing a combined 55,000 ETH or $127 million [5].
- 3.Total DeFi TVL stands at $81.695 billion, down from $84.269 billion in the prior period, with top protocols including Lido at $18.679 billion and Aave at $14.263 billion having partially recovered post-exploit [1].
- 4.The total stablecoin market cap stands at $322.939 billion with USDT dominance at 58.67%, while stablecoins are rapidly becoming foundational payment infrastructure for AI agents as traditional card rails struggle with micropayments [2].
- 5.Securitize and Computershare announced a partnership to bring parts of the $70 trillion U.S. stock market onchain via Issuer-Sponsored Tokens, with Computershare acting as transfer agent for approximately 58% of the S&P 500 [12].
- 6.JPMorgan CEO Jamie Dimon warned in his annual shareholder letter that a whole new set of competitors is emerging based on blockchain including stablecoins and tokenization, urging the bank to accelerate its Kinexys unit and JPM Coin [10].
- 7.DefiLlama reports total RWA onchain active market cap at $26.396 billion across 160 active asset issuers, with Standard Chartered maintaining its $2 trillion tokenized RWA forecast by end-2028 [3].
- 8.Google Quantum AI research found breaking bitcoin's elliptic curve cryptography would require fewer than 500,000 physical qubits and could be executed in approximately nine minutes once primed, while Grayscale identified governance — not engineering — as the main obstacle to quantum-safe upgrades [18].
- 9.A Coinbase-commissioned 50-page report by an advisory board including Stanford's Dan Boneh and Ethereum Foundation researcher Justin Drake concluded that preparation for quantum threats must begin now, noting post-quantum signatures could expand block sizes by up to 38 times [19].
- 10.A coalition of over 100 crypto firms including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, and Paradigm urged the Senate Banking Committee to mark up the Clarity Act, warning that the absence of a federal framework risks pushing investment and jobs offshore [22].
- 11.The BIS warned that crypto exchanges are becoming shadow banks by offering bank-like lending and yield products without deposit insurance, citing the collapses of Celsius and FTX and an October 2025 flash crash that triggered an estimated $19 billion in forced liquidations [25].
- 12.Stripe, which processes nearly $2 trillion in annual payments, is integrating stablecoins across its core stack with the ambition of becoming 'AWS for money,' with Visa joining its Tempo blockchain as a validator focused on machine-to-machine agentic commerce [15].
- 13.The $270 million Drift exploit on Solana was revealed to be a six-month social engineering campaign by North Korean operatives, prompting industry leaders to reframe DeFi security threats as intelligence operations rather than code vulnerabilities [9].
エグゼクティブサマリー（9件）
- •DeFi experienced its most severe security stress test of 2026 with the $292 million KelpDAO bridge exploit on April 18, which triggered cascading bad debt across Aave V3, a $6.6 billion TVL drop at Aave, and a broader DeFi TVL decline to $81.695 billion — down from $84.269 billion in the prior period [1] [4].
- •Despite the crisis, community coordination demonstrated DeFi's resilience: DeFi United raised approximately $160 million toward the $200 million recovery target, with Mantle and Aave DAO contributing $127 million combined, while Standard Chartered maintained its $2 trillion tokenized RWA forecast by 2028 and described DeFi as 'bent, not broken' [5] [8].
- •Institutional tokenization transitioned from pilot programs toward live financial infrastructure during the period: JPMorgan, Morgan Stanley, Securitize, and Computershare all made significant public commitments to onchain assets, with the Securitize-Computershare partnership targeting the $70 trillion U.S. equities market [12].
- •Stablecoins surpassed $322.939 billion in total market cap and are converging with AI agent infrastructure: Stripe, Visa, DoorDash, Alchemy, and Tether all launched or deepened stablecoin-based payment products targeting both human and machine commerce [2] [16].
- •Quantum computing escalated from theoretical concern to active industry priority, with Google Quantum AI research, a Coinbase advisory board report, and Grayscale analysis all converging on the need for immediate preparation, even as academic research found quantum attacks on bitcoin mining physically unreachable at current technology [19] [20].
- •U.S. crypto market structure legislation gained broad industry backing with over 100 firms urging Senate action on the Clarity Act, while European firms pushed for fast-tracked DLT rules and South Korea approved a Q4 2026 blockchain deposit token pilot — reflecting a global regulatory race [22] [24].
- •The BIS and IMF both issued significant warnings: the BIS flagged crypto exchanges as emerging shadow banks lacking deposit insurance, while the IMF warned that tokenization could amplify financial market volatility through automated markets and smart contracts [25] [13].
- •North Korean threat actors continued to target the crypto industry through sophisticated means: the $270 million Drift exploit on Solana was attributed to a six-month social engineering operation, while the KelpDAO exploit was preliminarily linked to the Lazarus Group by LayerZero, signaling state-level adversaries as a systemic risk [9].
- •JPMorgan noted that hack losses in 2026 are tracking 2025 levels, infrastructure and bridge exploits remain the primary DeFi vulnerability, and DeFi yields have collapsed to the point where Aave's USDC APY of 2.61% falls below Interactive Brokers' 3.14% offering, eliminating the traditional risk premium for DeFi participation [7] [26].
市場動向
DeFi Security Crisis: KelpDAO Exploit Triggers $13B TVL Collapse and Industry Reckoning
The KelpDAO exploit on April 18, 2026 became the year's largest DeFi hack, with an attacker exploiting a vulnerability in rsETH's bridge to mint 116,500 unbacked rsETH tokens worth approximately $292 million, which were then used as collateral on Aave V3 to borrow wrapped ether, leaving roughly $196 million in Aave-specific bad debt [4]. Aave's TVL plunged approximately $6.6 billion, and the AAVE token fell 16%, while broader DeFi TVL dropped into the mid-$80 billion range [6]. JPMorgan noted ha…
Tokenization Reaches Institutional Mainstream as Wall Street Accelerates Onchain Push
Tokenization of real-world assets is transitioning from pilot programs to live financial infrastructure, with multiple major institutions making significant commitments. JPMorgan CEO Jamie Dimon warned in his annual shareholder letter that 'a whole new set of competitors is emerging based on blockchain' including stablecoins, smart contracts and tokenization, and said the bank must accelerate its own blockchain efforts through its Kinexys unit and JPM Coin [10]. Morgan Stanley CFO Sharon Yeshaya…
Stablecoin Rails Become Core Payment Infrastructure for AI Agents and Global Commerce
Stablecoins are rapidly evolving from crypto-native instruments into foundational payment infrastructure for both AI-driven commerce and mainstream global payments. A report from Keyrock cited by CoinDesk found that stablecoins on blockchain rails are becoming the go-to payment layer for AI agents as traditional card rails struggle to handle micropayments . Alchemy launched AgentPay, a tool that lets different AI payment systems from companies including Coinbase, Stripe, Visa, Mastercard, and Ci…
Quantum Computing Threat Forces Crypto Industry Toward Post-Quantum Preparedness
Quantum computing risk has moved from theoretical concern to active industry preparation, with multiple major reports and protocol upgrades emerging in rapid succession. Google Quantum AI research found that breaking bitcoin's elliptic curve cryptography would require fewer than 500,000 physical qubits — roughly a 20-fold reduction from previous estimates — and could be executed in approximately nine minutes once the machine is primed, according to Grayscale's analysis of the paper [18]. Graysca…
U.S. Crypto Market Structure Legislation Advances Amid Global Regulatory Race
The push for comprehensive U.S. crypto legislation intensified, with a coalition of over 100 crypto firms including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, and Paradigm urging the Senate Banking Committee to mark up the Clarity Act, warning that the absence of a federal framework risks pushing investment and jobs offshore [22]. Key priorities cited by the coalition include defining clear SEC and CFTC oversight roles, protecting non-custodial developers, simplifying disclosure rule…
競合動向
Tokenization Accelerates as TradFi Giants Deepen Blockchain Commitments
Institutional tokenization momentum intensified significantly during the reporting period. JPMorgan CEO Jamie Dimon warned in his annual shareholder letter that 'a whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization,' urging the bank to accelerate its Kinexys unit and JPM Coin efforts [10]. Morgan Stanley CFO Sharon Yeshaya framed tokenization as the next major step for its wealth management business, describin…
Stablecoin Infrastructure Becomes Core Payment Rail for AI Agents and Enterprises
Stablecoins are rapidly transitioning from speculative assets to foundational payment infrastructure. A Keyrock report cited by CoinDesk found that stablecoins on blockchain rails are becoming the go-to payment layer for AI agents as traditional card rails struggle to handle micropayments . Stripe doubled down on blockchain and stablecoins, aiming to become 'AWS for money,' with its head of crypto GTM stating the company is 'putting product by product more of our stack onchain' and processing ne…
DeFi Security Crisis Deepens as KelpDAO Exploit Triggers $13 Billion TVL Exodus
The DeFi ecosystem faced its most severe security stress test of the year when a $292 million exploit of KelpDAO on April 18 triggered cascading losses across lending markets. Attackers exploited a vulnerability in rsETH's bridge, minting 116,500 unbacked rsETH tokens that were then used as collateral on Aave V3 to borrow wrapped ether, leaving roughly $196 million in Aave-specific bad debt [4]. Aave's TVL dropped from $26.4 billion to nearly $20 billion, with the AAVE token falling 16%, while b…
Quantum Computing Threat Prompts Urgent Crypto Industry Response
Quantum computing risk escalated from theoretical concern to active industry priority during the reporting period. A Coinbase-commissioned 50-page report authored by an independent advisory board including Stanford's Dan Boneh, Ethereum Foundation researcher Justin Drake, and Eigen Labs' Sreeram Kannan concluded that while today's blockchains remain secure, a future fault-tolerant quantum computer capable of breaking widely used encryption is 'clearly on the horizon,' with preparation needing to…
U.S. Crypto Regulatory Framework Advances as Industry Pushes Clarity Act
The push for comprehensive U.S. crypto legislation intensified, with a coalition of over 100 crypto firms including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, Paradigm, and Consensys urging the Senate Banking Committee to mark up the Clarity Act, warning that the absence of U.S. legislation risks pushing investment, jobs and development offshore [22]. The coalition flagged six priorities including defining clear SEC and CFTC oversight roles, protecting non-custodial developers, and a…
制度・規制動向
U.S. Clarity Act Advances Amid Broad Industry Coalition Pressure
A coalition of over 100 crypto firms including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital sent a letter to the Senate Banking Committee urging a markup of the Clarity Act, which would create a federal framework for digital asset markets with defined SEC and CFTC oversight roles [22]. Key priorities flagged by the coalition include protecting non-custodial developers, simplifying disclosure rules, preserving consumer rewards t…
DeFi Security Crisis Deepens After $292M KelpDAO Exploit and Systemic Contagion
The KelpDAO exploit on April 18, 2026 became the year's largest DeFi hack, with an attacker exploiting a vulnerability in rsETH's cross-chain bridge to mint 116,500 unbacked rsETH tokens worth approximately $292 million, which were then used as collateral on Aave V3 to borrow wrapped ether [4]. Aave's total value locked dropped by approximately $6.6 billion, and the AAVE token fell 16%, while JPMorgan noted the exploit erased about $20 billion in TVL within days and said hack losses in 2026 are …
Tokenization Accelerates Into Traditional Finance with Major Institutional Commitments
Institutional adoption of tokenization accelerated significantly during the reporting period. JPMorgan CEO Jamie Dimon warned in his annual shareholder letter that 'a whole new set of competitors is emerging based on blockchain,' including stablecoins, smart contracts and other forms of tokenization, and said the bank must accelerate its own blockchain efforts including its Kinexys unit and JPM Coin [10]. Morgan Stanley CFO Sharon Yeshaya described a 'tokenized world' where blockchain infrastruc…
Stablecoin Rails Become Core Payment Infrastructure for AI Agents and Global Commerce
Stablecoins are rapidly transitioning from speculative assets to foundational payment infrastructure. A report from Keyrock cited by CoinDesk found that stablecoins on blockchain rails are becoming the go-to payment layer for AI agents as traditional card rails struggle to handle micropayments . Alchemy launched AgentPay, a tool that lets different AI payment systems from companies including Coinbase, Stripe, Visa, Mastercard, and Circle work together through a single integration, addressing the…
Quantum Computing Threat Prompts Coordinated Crypto Industry Response
Quantum computing risk emerged as a major cross-industry concern during the reporting period. A Coinbase-commissioned 50-page report authored by an independent advisory board including Dan Boneh of Stanford University and Justin Drake of the Ethereum Foundation concluded that while today's blockchains remain secure, a future fault-tolerant quantum computer capable of breaking widely used encryption is increasingly plausible, and that preparation must begin now, with the U.S. NIST recommending mi…
ソース活動
重要な変化の整理
DeFi TVL and Stablecoin Market Metrics Shift
更新According to DefiLlama, total value locked in DeFi stands at $81.695 billion, down from the previously reported $84.269 billion, reflecting ongoing market pressure including post-exploit capital outflows. The stablecoin market cap reached $322.927 billion with USDT dominance at 58.67%. DEX 24h volume was $4.909 billion while perpetuals 7-day volume reached $146.886 billion. Top protocols by TVL include Lido at $18.679 billion and Aave at $14.263 billion, with Aave having recovered partially afte…
KelpDAO $292M Exploit Triggers DeFi Crisis and Recovery Effort
新規A $292 million exploit of KelpDAO's cross-chain bridge, preliminarily linked to North Korea's Lazarus Group, sent shockwaves through DeFi lending markets. Attackers minted 116,500 unbacked rsETH tokens and used them as collateral on Aave V3, leaving roughly $196 million in bad debt and triggering an $8.45 billion outflow from Aave over 48 hours. According to CoinDesk, Aave's AAVE token fell 16% and TVL dropped from $26.4 billion to nearly $20 billion. A coordinated recovery effort called DeFi Un…
Tokenization Accelerates with Major Institutional Commitments
更新Multiple major institutions deepened tokenization commitments during the reporting period. JPMorgan CEO Jamie Dimon warned that blockchain-based competitors including stablecoins and smart contracts 'may change the fundamental nature' of core banking functions, urging the bank to accelerate its Kinexys blockchain efforts. Morgan Stanley CFO Sharon Yeshaya described a 'tokenized world' as the next phase for its wealth management business. Apex Group committed $100 billion in tokenized assets on T…
Stablecoin and AI Payment Rails Converge as New Infrastructure Emerges
新規Stablecoins are increasingly becoming core payment infrastructure for AI agents and mainstream commerce. According to CoinDesk, a Keyrock report found stablecoins on blockchain rails are becoming the go-to payment layer for AI agents as traditional card rails struggle with micropayments. Stripe is integrating stablecoins across its core payments stack, processing nearly $2 trillion annually, and launched the Tempo blockchain with Visa and Zodia Custody as validators. DoorDash is working with Tem…
U.S. Crypto Market Structure Legislation Gains Momentum
新規A coalition of over 100 crypto firms including Coinbase, Ripple, Kraken, and Andreessen Horowitz urged the Senate Banking Committee to mark up the Clarity Act, warning that the absence of a U.S. framework risks pushing investment and jobs offshore. Key priorities cited include defining clear SEC and CFTC oversight roles, protecting non-custodial developers, and avoiding a patchwork of state laws. According to CoinDesk, the Clarity Act could spark a boom in crypto 'yield-as-a-service' by pushing …
示唆・見るべき論点（9件）
- 1.The KelpDAO exploit exposed a structural vulnerability in DeFi's composability model: a bridge exploit in one protocol (rsETH) created systemic bad debt in a separate lending market (Aave V3), suggesting that cross-protocol risk is severely underpriced and that isolated security audits of individual protocols are insufficient for systemic resilience [4].
- 2.DeFi yield compression below traditional finance benchmarks — Aave USDC at 2.61% versus Interactive Brokers at 3.14% — eliminates the core value proposition that justified DeFi's risk premium, suggesting institutional adoption of DeFi will require structural yield advantages beyond pure market-rate lending or a fundamental redesign of the revenue model [26].
- 3.The convergence of Stripe, Visa, DoorDash, Coinbase, and Mastercard around stablecoin payment infrastructure in a single reporting period signals that stablecoin payment rails have crossed an adoption threshold where incumbents are competing to become foundational infrastructure rather than merely experimenting, with Stripe's nearly $2 trillion annual payment volume as a potential forcing function [27].
- 4.Grayscale's framing of bitcoin's quantum risk as primarily a governance challenge — specifically what to do with an estimated 6.9 million BTC in exposed wallets including Satoshi's coins — highlights that the existential obstacle to quantum-safe upgrades is social consensus, not technical capability, creating a coordination problem with no clear resolution mechanism [18].
- 5.The Securitize-Computershare partnership targeting the $70 trillion U.S. equities market, combined with real-world assets already topping $23.2 billion on blockchain rails per IMF data, suggests tokenization is entering a phase where the addressable market is measured in tens of trillions — but the IMF's warning about amplified volatility through automated markets signals a systemic risk feedback loop that regulators have not yet addressed [12] [13].
- 6.North Korea's shift from direct code exploits to six-month social engineering campaigns using fake identities and in-person meetings represents a maturation of state-level crypto threat actors that existing technical security measures cannot address, requiring personnel security and counterintelligence practices not traditionally part of the crypto industry's security culture [9].
- 7.The BIS shadow banking warning, combined with the IMF's volatility amplification concern and the FSB's prior systemic risk identification of crypto-assets, represents a coordinated multilateral financial regulator consensus forming around crypto systemic risk — suggesting that the next regulatory wave may be internationally coordinated rather than jurisdiction-specific, with significant implications for offshore regulatory arbitrage strategies [25].
- 8.The coalition of over 100 crypto firms lobbying for the Clarity Act — spanning Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, and Paradigm — represents an unusually broad industry alignment that may accelerate Senate action, but the Senate Banking Committee had not scheduled a markup as of late April 2026, leaving the regulatory gap that pushes investment offshore intact in the near term [22].
- 9.XRP Ledger's integration of zero-knowledge proofs via Boundless positions ZK cryptography as a dual-purpose technology: enabling institutional privacy compliance while also providing quantum resilience, since ZK proofs operate on different mathematical foundations than the elliptic curve cryptography quantum computers threaten — suggesting ZK infrastructure is becoming a strategic hedge against multiple simultaneous risks [21].
信頼度サマリー
今週追跡された 29 件のソース15 件の監視対象 URL から、期間中に新着・更新が検出された記事数。
各ソースは信頼度レベルに応じて重み付けされています。単独ソースの主張は AI 合成時に未検証としてフラグ付けされます。
ソース
Reports total DeFi TVL at $81.695 billion, down from $84.269 billion in prior period, with Lido at $18.679 billion and Aave at $14.263 billion; DEX 24h volume at $4.909 billion and perpetuals 7-day volume at $146.886 billion.
関連: DeFi MarketsTracks total stablecoin market cap at $322.939 billion with USDT dominance at 58.67%.
関連: Stablecoin MarketTracks total RWA active market cap at $26.396 billion across 160 active asset issuers; Standard Chartered maintains $2 trillion tokenized RWA forecast by end-2028.
関連: Real World AssetsReports KelpDAO exploit on April 18 minting 116,500 unbacked rsETH tokens worth approximately $292 million, leaving roughly $196 million in Aave V3 bad debt and triggering a $6.6 billion TVL drop and 16% AAVE token decline.
関連: Security & ExploitsReports DeFi United recovery effort raised approximately $160 million of $200 million needed, with Mantle and Aave DAO contributing a combined 55,000 ETH or $127 million.
関連: Security & ExploitsCovers broader DeFi TVL falling into mid-$80 billion range following KelpDAO exploit, LayerZero's preliminary Lazarus Group attribution, and investor rotation into stablecoins as a flight to safety.
関連: DeFi MarketsJPMorgan notes 2026 hack losses tracking 2025 levels, infrastructure and bridge exploits remaining the primary vulnerability, and TVL growth remaining flat in ETH-denominated terms.
関連: DeFi Security & InstitutionalStandard Chartered describes DeFi as 'bent, not broken' and maintains its $2 trillion tokenized RWA forecast by end-2028 despite the KelpDAO shock.
関連: DeFi & TokenizationReports the $270 million Drift protocol exploit attributed to a six-month North Korean social engineering campaign using fake identities and in-person meetings, prompting industry to reframe DeFi threats as intelligence operations.
関連: SecurityJPMorgan CEO Jamie Dimon warns in annual shareholder letter that a whole new set of competitors is emerging based on blockchain, urging acceleration of Kinexys unit and JPM Coin efforts.
関連: Institutional Adoption & TokenizationMorgan Stanley CFO Sharon Yeshaya describes a tokenized world where blockchain infrastructure integrates into core wealth management including advisory, lending and cash management; firm launched digital asset pilot via Zero Hash.
関連: Institutional Adoption & TokenizationSecuritize and Computershare announce partnership to bring parts of the $70 trillion U.S. stock market onchain via Issuer-Sponsored Tokens; Computershare acts as transfer agent for approximately 58% of the S&P 500.
関連: Institutional Adoption & TokenizationIMF warns tokenization could amplify volatility through automated markets and smart contracts; notes real-world assets on blockchain have already topped $23.2 billion and calls for clearer legal frameworks.
関連: Regulatory & Systemic RiskAlchemy launches AgentPay enabling AI payment systems from Coinbase, Stripe, Visa, Mastercard, and Circle to interoperate through a single integration across protocols including x402, MPP, A2P, and L402.
関連: Payments & StablecoinsVisa joins Stripe-backed Tempo blockchain as validator following six months of joint work; Visa crypto head Cuy Sheffield states focus is on supporting machine-to-machine AI agentic payment flows.
関連: Payments & StablecoinsDoorDash works with Stripe-backed Tempo to roll out stablecoin-powered payouts for merchants across more than 40 countries; Stripe describes ambition to become 'AWS for money' integrating stablecoins across its nearly $2 trillion annual payment stack.
関連: Payments & StablecoinsTether launches self-custodial tether.wallet supporting USDT, USAT, XAUT and bitcoin across multiple blockchains, marking a shift from infrastructure provider to direct consumer-facing product.
関連: Payments & StablecoinsGrayscale argues quantum governance is the real obstacle: Google Quantum AI found breaking bitcoin ECC requires fewer than 500,000 physical qubits executable in approximately nine minutes; an estimated 6.9 million BTC in exposed wallets complicates upgrade consensus.
関連: Quantum ComputingCoinbase-commissioned 50-page report by advisory board including Dan Boneh and Justin Drake concludes preparation must begin now; post-quantum signatures could expand block sizes by up to 38 times; NIST recommends migration to quantum-resistant cryptography by 2035.
関連: Quantum ComputingAcademic research finds quantum 51% attack on bitcoin mining would require approximately 10²³ qubits drawing 10²⁵ watts, approaching the energy output of a star, making such an attack physically unreachable.
関連: Quantum ComputingXRP Ledger integrates Boundless zero-knowledge proving network to enable private transactions on public blockchain; ZK proofs noted as more resilient to quantum threats than traditional elliptic curve cryptography.
関連: Protocol Development & SecurityOver 100 crypto firms including Coinbase, Circle, Kraken, Ripple, Andreessen Horowitz, and Paradigm urge Senate Banking Committee to mark up the Clarity Act, warning absence of U.S. framework risks pushing investment offshore.
関連: Regulation & Policy39 financial and technology firms including Boerse Stuttgart Group and Nasdaq urge EU to fast-track DLT pilot regime, requesting transaction limits raised to 150 billion euros and removal of license expiry dates.
関連: Regulation & PolicySouth Korea's Ministry of Economy and Finance approves Q4 2026 pilot to test blockchain-based deposit tokens for government spending under a regulatory sandbox program, with tokens programmable with spending limits and industry restrictions.
関連: Regulation & PolicyBIS warns crypto exchanges are becoming shadow banks by offering bank-like lending and yield products without deposit insurance; cites Celsius and FTX collapses and an October 2025 flash crash triggering an estimated $19 billion in forced liquidations.
関連: Regulatory & Systemic RiskReports Aave USDC deposit APY at 2.61%, below Interactive Brokers' 3.14%, eliminating the risk premium that historically justified DeFi participation.
関連: DeFi MarketsStripe describes ambition to become 'AWS for money,' integrating stablecoins across core payments stack processing nearly $2 trillion annually.
関連: Payments & StablecoinsCoin Center supports the BRCA provision through the Clarity Act markup process; its featured report 'Software is Speech' argues against regulatory frameworks imposing intermediary obligations on software developers.
関連: Regulatory AdvocacyTether backs UAE tokenization firm KAIO in $8 million funding round to bring institutional funds onchain with minimum investments starting at $100.
関連: Institutional Adoption & Tokenization