Crypto & Web3 — 2026年8月3日 週次レポート
Crypto & Web3のニュース＆アップデート — すべての記述に一次ソースのリンク付き。
重要な発見
エグゼクティブサマリー（5件）
- •Institutional tokenization infrastructure reached a new production milestone this week: BNY's decision to move $8.6 trillion in transfer agency records onchain and BIS Project Agorá's live 28-bank cross-border settlement test collectively confirm that the plumbing of global finance is being rebuilt on blockchain rails — a process now largely independent of open crypto market cycles, which remained soft with bitcoin near $62,000–$65,000 and Coinbase posting a revenue decline.
- •The Coldcard hardware wallet exploit — escalating to $89 million across 4,500 addresses — is the week's most consequential security event not because of its scale but because of what it reveals: the threat surface has expanded beyond smart contract and oracle vulnerabilities to hardware and human-layer attacks, and the behavioral response (users moving bitcoin back to exchanges) inverts the self-custody narrative that has defined crypto security culture since FTX. The Solana Foundation CISO's wa…
- •The Clarity Act's confirmed shelving removes the near-term U.S. legislative catalyst for crypto markets, but the more durable observation is that market structure is being shaped by decisions already made: BNY's blockchain transfer agency, BIS Project Agorá, Circle's New York trust charter, and Hyperliquid's builder code ecosystem are all advancing on their own timelines. Legislation, when it arrives, will govern a market that has already been substantially structured by these institutional choi…
- •DeFi is undergoing a quiet but significant strategic rationalization: Aave is exiting six chains, Spark shelved its consumer app to become B2B2C infrastructure, Ondo Finance is weighing a major acquisition, and Hyperliquid is positioning as the liquidity layer for the entire ecosystem rather than a single exchange. The direction is consolidation around fewer, deeper liquidity venues and a shift from retail user acquisition to institutional distribution — a maturation pattern that mirrors traditi…
- •Prediction markets emerged as the week's most contested regulatory frontier: $19 billion in World Cup volume, a New York lawsuit against Kalshi, a federal court blocking Minnesota's ban, and a CFTC advisory warning against shortcuts collectively signal that prediction markets have grown large enough to attract serious regulatory attention from multiple directions simultaneously — making their legal status the next major U.S. crypto policy battleground after the Clarity Act.
今回の要点（13件）
- 1.BNY announced it is moving its core transfer agency record-keeping onto blockchain to create a single onchain ownership ledger for approximately $8.6 trillion in assets, with initial clients including Baillie Gifford, BlackRock and Dreyfus [6].
- 2.BIS Project Agorá completed a live cross-border payment test with 28 banks including JPMorgan, Citi and UBS, processing approximately $1 million across six currencies in an average of 80 seconds using tokenized central bank reserves and commercial bank deposits [7].
- 3.A Coldcard hardware wallet firmware bug exploiting weak seed generation escalated from approximately $38 million to approximately $89 million in losses across 4,500 addresses, triggering a behavioral reversal: daily bitcoin exchange deposits under 10 BTC spiked to 7,300 BTC on July 31, the highest since February 6 [9].
- 4.The U.S. Senate shelved the Clarity Act, with JPMorgan saying deteriorating prospects for market structure legislation remove a key catalyst for digital assets [4].
- 5.Hyperliquid's builder codes model attracted hundreds of developers including MetaMask and VALR, generating approximately $90 million in revenue; real-world-asset markets grew to roughly a quarter of perp volume on the platform by mid-2026 [8].
- 6.Circle secured a New York trust charter allowing it to offer fiduciary and custody services under New York banking law, and acquired nearly 1,000 blockchain patents from IBM [4].
- 7.The Ethereum Foundation added pcaversaccio — co-founder of SEAL 911 and author of The Ethereum Cypherpunk Manifesto — to its board, bringing the board to four members [5].
- 8.Polygon launched its Ithaca upgrade on July 30 and reported $2.6 trillion in stablecoin value moved through its network with enterprise partners including Stripe, Mastercard and Revolut [14].
- 9.Aave's governance proposed exiting six chains with deposits down more than 90%, while Ondo Finance weighed an acquisition valued at $250 million to $500 million, and Spark shelved its consumer app to pivot to B2B2C infrastructure [4].
- 10.Tokenized stock trading surged 288% in July, though one QQQ token drove most of the volume; DeFi Llama tracked weekly perps volume rising to approximately $128 billion [16].
- 11.Kalshi and Polymarket cleared $19 billion in notional volume on 2026 FIFA World Cup markets, more than the entire U.S. legal sportsbook handle, while New York sued Kalshi and a federal judge blocked Minnesota's prediction market ban [1].
- 12.The Solana Foundation's new CISO warned that AI-powered social engineering and compromised credentials — not smart contract bugs — are becoming the dominant attack vector in crypto security [10].
- 13.Coinbase reported $1.22 billion in Q2 revenue, down from $1.5 billion in the prior year; Strategy reported an $8.2 billion Q2 loss on bitcoin price decline; bitcoin traded near $62,000–$65,000 with the Fed's hawkish hold weighing on risk assets [4].
市場動向
Tokenized RWA Market Deepens as BNY and BIS Pilots Move Settlement Onchain
The week's activity signals that tokenization is advancing from issuance to settlement infrastructure. BNY announced it is shifting its core transfer agency record-keeping onto blockchain to create a single onchain ownership ledger for approximately $8.6 trillion in assets across 7.6 million accounts, with initial clients including Baillie Gifford, BlackRock and Dreyfus [6]. Separately, 28 banks including JPMorgan, Citi and UBS completed a BIS-led live cross-border payment test (Project Agorá) p…
Stablecoin Behavioral Stratification Confirmed; Payment Rail vs. Trading Dollar Divide Widens
Dune Analytics' detailed behavioral analysis, published July 10 and remaining a primary reference through the week, confirmed the $312 billion stablecoin market has hardened into three non-competing product types: USDC as a trading dollar (turning over approximately 20 times per day on Base), USDT as a payment rail (settling approximately $95 billion in H1 2026 commerce, dominating B2B at 92% and payroll at 96%), and yield dollars like USDe and USDS (94% of supply locked in yield contracts) [2].…
Hardware Wallet Security Failure Triggers Behavioral Reversal: Self-Custody Risk Replaces Exchange Risk
A firmware bug in Coldcard hardware wallets — exploiting weak seed generation dating to March 2021 — resulted in losses escalating from approximately $38 million to approximately $89 million across the week, spreading to 4,500 addresses [9]. CryptoQuant data showed daily bitcoin exchange deposits in transactions under 10 BTC spiked to 7,300 BTC on July 31, the highest since February 6, and daily active addresses surged from 645,000 to nearly one million — the opposite behavioral response from th…
Perpetual Futures Expand from Crypto to Real-World Assets as Perps Infrastructure Matures
Hyperliquid deepened its DeFi composability model by enabling firms to build on its shared liquidity via 'builder codes,' with hundreds of developers including MetaMask and South African exchange VALR integrating its order book; builders have generated approximately $90 million in revenue [8]. MetaMask reported that real-world-asset markets grew from a small slice of perp volume at the start of 2026 to roughly a quarter of it by mid-year [8]. Tokenized stock trading surged 288% in July, though o…
Crypto Market Enters Soft Patch as Institutional Inflows Slow and Macro Headwinds Build
Bitcoin traded in a range near $62,000–$65,000 across the week, with the Federal Reserve's hawkish hold and persistent inflation at 4.1% weighing on risk assets [4]. Coinbase reported $1.22 billion in overall revenue for Q2, down from $1.5 billion in the prior year, with Wall Street split on recovery timing [4]. Strategy reported an $8.2 billion Q2 loss on bitcoin price decline [4]. DeFi TVL declined from approximately $76 billion to approximately $74 billion across the week per DeFi Llama [16].…
競合動向
Hyperliquid Consolidates as DeFi's Liquidity Infrastructure Layer, Not Just a Perps Exchange
Hyperliquid's strategic positioning shifted materially this week from being characterized as a perpetuals exchange to being described as infrastructure — its HyperEVM connects directly to HyperCore, allowing applications to compose atop shared liquidity rather than fragment it. Hundreds of developers including MetaMask (100 million users) and VALR (Africa's largest exchange by some measures) are using builder codes to route order flow through Hyperliquid's backend [8]. Dune Analytics added Hyper…
Robinhood Chain RWA Activity Grows but Remains Speculative-Dominated
Robinhood Chain's real-world asset activity jumped fivefold since mid-July, with a dozen tokenized stocks each clearing $500,000 per day, though memecoins and stablecoins still dominate overall chain activity [4]. Dune Analytics' trending blockchain data showed Robinhood Chain with 165 dashboards, 354 queries, and 1,423 stars as of July 30 [3]. The chain's Arbitrum-based L2 structure routes 10% of net protocol revenue to Arbitrum. The pattern continues the speculative-to-institutional adoption a…
Polygon Ithaca Upgrade Launches; Enterprise Payment Stack Deepens
Polygon launched its Ithaca upgrade on July 30, described as making payments on Polygon Chain 'more reliable than ever,' following the Mento Protocol launch for local currency stablecoin payments on July 27 [14]. Polygon's enterprise payment positioning continued to deepen: the chain reports $2.6 trillion in stablecoin value moved through its network, $3.8 billion in stablecoins currently on the network, and 5,000 payments per second throughput [15] (company announcement — may reflect promotiona…
DeFi Protocol Consolidation Accelerates as Aave Proposes Exiting Six Chains and Ondo Weighs $500M Acquisition
Aave's governance proposed shutting down deployments on Sonic, Scroll, zkSync, Metis, Soneium and Aptos, retiring 50 asset markets, with deposits on some chains having fallen more than 90% [4]. Ondo Finance was reported to be weighing an acquisition valued at $250 million to $500 million as consolidation accelerates across crypto infrastructure [4]. Spark, the DeFi lending and liquidity unit of Sky (formerly MakerDAO), shelved its consumer app indefinitely and pivoted to a B2B2C model, supplying…
Circle Secures New York Trust Charter; Stablecoin Regulatory Compliance Becomes Competitive Moat
Circle secured a New York trust charter on July 31, allowing the USDC issuer to offer fiduciary and custody services under New York banking law [4]. Circle also acquired nearly 1,000 blockchain patents from IBM covering blockchain technology, banking, insurance, and cloud security [4]. Dune Analytics announced it is one of the first companies in the EU to accept stablecoin payments via Stripe on July 30 [1]. The Ethereum Foundation added pcaversaccio — co-founder of SEAL 911 and author of The Et…
制度・規制動向
U.S. Clarity Act Stalls Further; Senate Shelves Bill as Market Structure Advances Without It
The U.S. Senate shelved the Clarity Act during the week, with the majority leader pursuing floor time for unrelated bills and the deadline to pass the crypto market structure bill before the congressional summer break likely missed [4]. JPMorgan said deteriorating prospects for U.S. market structure legislation remove a key catalyst for digital assets [4]. CME CEO Terry Duffy separately warned that a court battle over whether perpetual futures are swaps or futures could affect how the IRS taxes …
SEC Reviews Nasdaq Bitcoin Options Approval After CME Jurisdictional Challenge
The SEC announced it would review Nasdaq's bitcoin options approval after CME challenged the decision, arguing that because bitcoin is a commodity, options tied to its value fall under CFTC jurisdiction rather than the SEC's authority [4]. This jurisdictional dispute between the SEC and CFTC over bitcoin derivatives products represents an ongoing structural tension in U.S. crypto regulation that the stalled Clarity Act was designed to resolve. The review adds regulatory uncertainty to bitcoin op…
South Korea Plans Crypto Capital Gains Tax from January 2027; Prediction Market Legal Battles Intensify
South Korea announced plans to tax cryptocurrency gains over approximately $1,740 from January 1, 2027, signaling it does not intend to postpone the measure for a fourth time [4]. In the U.S., New York sued Kalshi alleging it operates an unlicensed gambling platform, while a federal judge ruled that Minnesota's law criminalizing prediction markets would probably violate the federal Commodity Exchange Act, granting Kalshi and Polymarket a pause against the ban [4]. The CFTC also issued an advisor…
FSB Highlights Crypto and Stablecoin Vulnerabilities in Global Financial Stability Context
The Financial Stability Board's Secretary General addressed the importance of international organizations in a shifting geopolitical landscape at the Atlantic Council on July 28, with the FSB's 2025 Annual Report noting that in 2025 the FSB delivered work in key areas including crypto-assets and stablecoins alongside NBFI leverage and operational resilience [20]. The FSB's June 2026 plenary highlighted potential new vulnerabilities to financial stability, and its AI consultation report published…
ソース活動
先週からの変化
Coldcard Hardware Wallet Exploit Escalates to $89M Across 4,500 Addresses
A firmware bug in Coldcard hardware wallets exploiting weak seed generation dating to March 2021 caused losses escalating from approximately $38 million to approximately $89 million across the week, spreading to 4,500 addresses. Galaxy Research identified a third wave of sweeps targeting smaller balances. The exploit triggered a behavioral reversal: daily bitcoin exchange deposits under 10 BTC spiked to 7,300 BTC on July 31, the highest since February 6, the opposite of the self-custody flight s…
BNY Moves $8.6 Trillion Transfer Agency onto Blockchain; BIS Project Agorá Completes Live Cross-Border Test
BNY announced it is shifting its core transfer agency record-keeping onto blockchain to create a single onchain ownership ledger for approximately $8.6 trillion in assets, with initial clients including Baillie Gifford, BlackRock and Dreyfus [6]. Separately, 28 banks including JPMorgan, Citi and UBS completed BIS Project Agorá's live cross-border payment test, processing approximately $1 million across six currencies in an average of 80 seconds using tokenized central bank reserves and commercia…
U.S. Senate Shelves Clarity Act; Prediction Market Legal Battles Escalate
The U.S. Senate shelved the Clarity Act during the week, with the majority leader pursuing floor time for unrelated bills. JPMorgan said deteriorating prospects for U.S. market structure legislation remove a key catalyst for digital assets [4]. Simultaneously, New York sued Kalshi alleging it operates an unlicensed gambling platform, while a federal judge ruled Minnesota's prediction market ban would probably violate the Commodity Exchange Act [4]. The Clarity Act stall continues the pattern fro…
Hyperliquid Emerges as DeFi Liquidity Infrastructure Layer via Builder Codes
Hyperliquid's strategic positioning evolved from perpetuals exchange to liquidity infrastructure: hundreds of developers including MetaMask and VALR are using builder codes to route order flow through its backend, generating approximately $90 million in revenue. Real-world-asset markets grew from a small slice of perp volume at the start of 2026 to roughly a quarter of it by mid-year per MetaMask [8]. Dune Analytics added HyperCore trading engine data on July 22 [1]. This updates the previous pe…
Circle Secures New York Trust Charter; Ethereum Foundation Adds Security Researcher to Board
Circle secured a New York trust charter on July 31, allowing the USDC issuer to offer fiduciary and custody services under New York banking law, and acquired nearly 1,000 blockchain patents from IBM [4]. The Ethereum Foundation added pcaversaccio — co-founder of SEAL 911 and author of The Ethereum Cypherpunk Manifesto — to its board on July 29, bringing the board to four members and signaling a security and cypherpunk values emphasis in its governance [5].
ウォッチリスト — 今後の締切
SEC Roundtable on Preparations for 24-Hour Trading
ソース: SEC — Official Website Updates示唆・見るべき論点（9件）
- 1.BNY's transfer agency blockchain move and BIS Project Agorá's live settlement test arriving in the same week is not coincidental timing — it reflects a coordinated institutional recognition that the reconciliation costs and settlement risks of correspondent banking are now addressable with production-ready technology. The strategic implication for crypto-native protocols is that the institutional tokenization layer is being built by incumbents, not disrupted by them, and protocols that achieve i…
- 2.The Coldcard exploit's behavioral inversion — users moving bitcoin to exchanges rather than away from them — is a leading indicator that self-custody's mainstream adoption ceiling may be lower than the crypto industry assumed. If hardware wallet security failures become a recurring category rather than isolated incidents, the beneficiaries will be custodial platforms and ETF structures, not the self-sovereign wallet ecosystem that Bitcoin's security culture has promoted for a decade.
- 3.Hyperliquid's 'AWS for finance' positioning — providing liquidity as a service while builders own their users — is the most strategically coherent DeFi business model to emerge this cycle. By making liquidity a shared infrastructure layer rather than a competitive moat, Hyperliquid is replicating the cloud computing playbook: the infrastructure provider captures a tax on all activity built on top of it, while builders compete on user experience. The $90 million in builder revenue already generat…
- 4.Spark's pivot from consumer app to B2B2C infrastructure — supplying yield to Robinhood Earn's $200 million vault rather than competing for users directly — illustrates a broader DeFi strategic shift: in a market where Coinbase, Robinhood and PayPal control retail distribution, DeFi protocols that compete for users are fighting a losing battle, while those that become the invisible backend for those platforms can scale without customer acquisition costs. The Robinhood Earn vault drawing $200 mill…
- 5.The SEC's review of Nasdaq's bitcoin options approval following CME's jurisdictional challenge reveals a structural problem in U.S. crypto regulation that the Clarity Act was designed to solve: without clear statutory boundaries between SEC and CFTC jurisdiction, every new crypto derivative product risks becoming a jurisdictional dispute. The Clarity Act's shelving means this ambiguity will persist, creating regulatory uncertainty that advantages offshore venues and established incumbents who ca…
- 6.Prediction markets clearing $19 billion in World Cup volume — more than the entire U.S. legal sportsbook handle — while simultaneously facing lawsuits in New York and regulatory warnings from the CFTC illustrates the classic regulatory lag pattern: the market has grown large enough to be economically significant before the legal framework has been established. The federal court blocking Minnesota's ban on Commodity Exchange Act grounds suggests the legal architecture may ultimately favor predict…
- 7.The Solana Foundation CISO's warning that AI-powered social engineering will 'hyperscale' — with full spoofed phone calls using voices of known contacts — combined with the Coldcard exploit's hardware-layer attack vector, suggests that crypto's security model needs to shift from 'make the protocol unbreakable' to 'assume the human will be fooled and build systems that protect them anyway.' This is a fundamental design philosophy change that most current wallet and custody infrastructure was not …
- 8.Dune Analytics accepting stablecoin payments via Stripe and being described as one of the first companies in the EU to do so is a small but symbolically significant data point: when a data analytics company's payment infrastructure becomes a news item, it signals that stablecoin payments have crossed from crypto-native curiosity to enterprise-grade operational reality in the EU — a market where MiCA compliance requirements make this adoption more meaningful than in less regulated jurisdictions […
- 9.The concurrent decline in DeFi TVL (from approximately $76 billion to approximately $74 billion), Coinbase's revenue miss, and bitcoin ETF inflows tracking toward their smallest monthly total ever, alongside BNY's $8.6 trillion blockchain announcement and BIS's live settlement test, confirms the structural bifurcation identified in the previous period: the open crypto market operates as a high-beta macro asset class while the institutional tokenization layer advances on its own adoption timeline…
信頼度サマリー
今週引用したソース 23 件あなたが選んだ 15 件の監視URLから検出（1つのURLから複数記事が出ることがあります）。
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参照ソース一覧
Primary source for stablecoin behavioral analysis, Hyperliquid HyperCore data launch, Dune stablecoin payments acceptance, and World Cup prediction market volume data.
Detailed behavioral analysis confirming the $312B stablecoin market stratifies into three product types: USDC as trading dollar, USDT as payment rail, USDe/USDS as yield dollars.
Blockchain activity metrics showing Robinhood Chain, Ethereum, Arbitrum, Base, Polygon and other chains' dashboard and query counts.
Primary source for Coldcard exploit escalation, Clarity Act shelving, Coinbase earnings miss, Strategy Q2 loss, Circle trust charter, Ondo acquisition, Aave chain exits, tokenized stock volume, prediction market legal battles, and Fed rate decision coverage.
Announces pcaversaccio joining the Ethereum Foundation Board, bringing the board to four members including Aya Miyaguchi, Vitalik Buterin, and Patrick Storchenegger.
Reports BNY moving its core transfer agency record-keeping onto blockchain to create a single onchain ownership ledger for approximately $8.6 trillion in assets.
Reports BIS Project Agorá completing a live cross-border payment test with 28 banks processing approximately $1 million across six currencies in an average of 80 seconds.
Reports Hyperliquid's builder codes model attracting hundreds of developers including MetaMask and VALR, generating approximately $90 million in revenue, with RWA markets growing to roughly a quarter of perp volume.
Reports Coldcard exploit escalating to approximately $89 million across 4,500 addresses, with daily bitcoin exchange deposits spiking to 7,300 BTC on July 31 — the opposite behavioral response from FTX's collapse.
Reports Solana Foundation CISO Michael Coates warning that AI-powered social engineering and compromised credentials are becoming the dominant crypto attack vector.
Reports Spark shelving its consumer app indefinitely to pivot to B2B2C infrastructure, supplying yield to Robinhood Earn's $200 million vault and targeting $1 billion in OTC lending by year-end.
Reports Fun CEO Alex Fine arguing standalone crypto on-ramps and bridges will disappear as platforms adopt unified payment infrastructure; Fun processes more than $3 billion in monthly volume.
Reports Coinbase Canada's new CEO arguing Canada needs a harmonized national framework for digital assets beyond temporary exemptions to support derivatives, DeFi and tokenized assets.
Reports Polygon's Ithaca upgrade launch on July 30, Mento Protocol launch for local currency stablecoin payments on July 27, and enterprise payment stack metrics including $2.6 trillion in stablecoin value moved.
Details Polygon Chain's enterprise payment capabilities including 5,000 TPS, 5-second finality, and partnerships with Stripe, Mastercard, Revolut, Paxos, Cash App and BlackRock.
Primary source for DeFi TVL (approximately $73.9 billion as of August 2), stablecoin market cap (approximately $307.6 billion), weekly perps volume (approximately $128 billion), and protocol rankings.
Tracks total RWA active market cap near $29.4 billion with 185 asset issuers, led by USYC, Tether Gold, BlackRock BUIDL, and PAX Gold.
Tracks total stablecoin market cap at approximately $307.6 billion with USDT dominance at 59.6%, USDT at approximately $183.3 billion and USDC at approximately $72 billion.
Tracks MiCA-compliant exchanges in the EU with Kraken leading spot liquidity, alongside Coinbase, Bybit EU, Crypto.com and others.
FSB Secretary General addressed international organizations' importance at Atlantic Council on July 28; FSB 2025 Annual Report noted work on crypto-assets and stablecoins as key areas.
SEC announced a roundtable on preparations for 24-hour trading scheduled for September 17, 2026, and continuation of Small Business Advisory Committee meeting on July 30.
LF Decentralized Trust homepage updated July 30 featuring member quotes from Citi, Deutsche Telekom, Hashgraph and others on decentralized technology adoption and Web3j 6.0 release with Fusaka support.
Reports Cronos Network — a purpose-built settlement layer for stablecoins and tokenized assets supported by Crypto.com's 150M+ users — now queryable on Dune.
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