Crypto & Web3 — 2026年10月1日 月次レポート

The SEC issued a blanket five-year exemption on September 17 for listing and trading tokenized NMS securities without registering as an exchange, keeping synthetic stock tokens outside the framework and tightly controlling trading volumes, access, and issuer rights [6]. Goldman Sachs and Citizens analysts identified Coinbase, Robinhood, and Circle as early beneficiaries. The exemption is the most significant U.S. regulatory action for tokenized equities to date and directly responds to the Clari… 続きを読む

The CFTC issued guidance on September 24 permitting regulated firms to invest customer funds in tokenized assets functionally equivalent to traditional counterparts and use blockchain for official recordkeeping [21]. The Federal Reserve simultaneously moved on proposals to implement the GENIUS Act for stablecoins, including yield program regulations. Together these confirm the agency-rulemaking-first pivot that began with the SEC's Innovation Exemption.

Citi, Goldman Sachs, and other global banks announced a joint stablecoin venture targeting U.S. dollar payments and digital asset settlement, with a euro token as a priority [7]. The OCC simultaneously granted a provisional full bank charter to OpenReserve Bank — backed by Andreessen Horowitz, Jump Capital, and Coinbase Ventures — for institutional treasury management, stablecoin issuance, and tokenized deposits under the GENIUS Act [8]. Together these mark the most significant week of crypto-ba… 続きを読む

Circle launched Arc on September 16 as an EVM-compatible L1 with USDC as native gas token and a founding validator cohort including BlackRock, DTCC, Mastercard, Visa, Standard Chartered, and SBI Group [18]. Arc's first day was dominated by memecoins rather than institutional activity, but DTCC's participation positions Arc as a direct competitor to traditional financial market infrastructure. Jeremy Allaire called Arc 'more consequential' than USDC itself.

Circle agreed to acquire cross-border payments firm Tazapay for $400 million, gaining regulated last-mile infrastructure in emerging markets where Tether has long been dominant [7]. Binance separately purchased a $100 million Circle stake in a five-year USDC promotion deal, with Circle agreeing to pay Binance a monthly fee tied to USDC held through its wallet infrastructure. The Tazapay acquisition and Binance deal together convert Circle's largest potential emerging-market competitor into a dis… 続きを読む

U.S.-listed spot bitcoin ETFs returned to positive territory for 2026, reaching nearly $800 million in net inflows after hitting a $5.8 billion deficit on July 13, with six consecutive days of inflows totaling $2.84 billion [20]. Bitcoin simultaneously broke above $85,000 and cleared its 50-week moving average for the first time in 45 weeks, posting a 10% September gain on track for a three-month winning streak last seen in 2012.

The Federal Reserve raised its benchmark rate by 25 basis points on September 17 — the first hike since July 2023 — placing the fed funds rate at 3.75%–4.0% [7]. Bitcoin rose 0.88% on the day and DeFi TVL surged from $86.2 billion to $93.3 billion over the following two days [10]. The crypto market's positive response to the hike — after weeks of selling on hike fears — represents a significant shift in the asset class's macro correlation.

The European Central Bank deployed its Pontes platform to settle wholesale tokenized assets in central-bank money and announced plans to buy tokenized bonds with its own funds [7]. European central banks simultaneously pushed to expand the stablecoin yield ban to crypto lending and staking. The ECB's dual strategy — building public tokenized settlement infrastructure while constraining private stablecoin competition — mirrors its historical approach to payment systems.

UK banks Barclays, NatWest, and HSBC completed what was described as the world's first interbank transactions using tokenized deposits [7]. Canada's Big Six banks announced a parallel interbank tokenized deposit initiative. Hana Bank issued South Korea's first digital bond using Euroclear's blockchain with same-day settlement. These milestones, combined with the ECB's Pontes deployment, signal that tokenized deposits have crossed from pilot to production across multiple G7 banking systems simult… 続きを読む

Liquid Network lost $320 million in a bitcoin layer-2 security exploit on September 7, with supposed whitehat hackers returning 3,400 of 4,000 BTC, leaving nearly $47 million outstanding [7]. Bitget lost $351.6 million after attackers compromised a wallet backend and spoofed transaction data, with the hacker moving $83 million in stolen XRP that Ripple cannot freeze. KelpDAO sued LayerZero over a $292 million exploit. The cluster of major incidents in a single month signals a systemic custodial … 続きを読む

The Joint Committee of EBA, ESMA, and EIOPA warned in their Autumn 2026 Risk and Vulnerabilities report that quantum computers could undermine blockchain cryptography before achieving commercial viability, with approximately 6.9 million Bitcoin worth roughly $586 billion currently vulnerable [22]. The European Commission's post-quantum roadmap calls on member states to begin transitioning by end of 2026, with high-risk use cases protected by 2030. This is the first major jurisdiction to set a sp… 続きを読む

ECB President Christine Lagarde intervened to block Binance's EU MiCA license application despite it being deemed complete by regulators, with Greece stalling the application under high-level pressure [7]. SEC Commissioner Hester Peirce — the agency's most consistent internal crypto advocate — announced her departure effective October 2 [7]. Both departures remove key institutional advocates for crypto market access at a critical regulatory juncture.

S&P Global acquired OpenZeppelin on September 17, targeting technological risks facing banks and asset managers operating onchain, building on its recent investment in Kaiko [7]. Kaiko extended its Series B to $110 million with S&P Global and BNP Paribas joining. Deutsche Bank was reported to be close to debuting crypto custody for institutions supporting bitcoin, ether, and stablecoins. The pattern of traditional financial infrastructure firms acquiring crypto-native risk, data, and custody inf… 続きを読む

Blockchain data showed wallets tied to North Korea's Lazarus Group sold more than $30 million in bitcoin on Hyperliquid in the three weeks ending September 1, even as the Trump administration was reportedly pushing to onshore the platform under CFTC oversight [7]. The activity creates a direct conflict between Hyperliquid's regulatory ambitions and its permissionless access model, and may accelerate compliance requirements.

RockawayX committed $150 million to its Catapult program targeting private credit and yield-generating RWAs onchain, projecting the tokenized RWA market to reach $10–20 trillion by 2030 [24]. This follows the broader institutional tokenization acceleration documented across the month and represents a significant private capital commitment to the RWA yield thesis.

Consensys announced it will split MetaMask into its own independent firm with Ethereum co-founder Joe Lubin as chairman and CEO, while staying silent on IPO plans [7]. The restructuring separates MetaMask — the dominant Ethereum wallet — from Consensys Software Inc.'s enterprise and developer tooling business, signaling a maturation of Ethereum's institutional structure with both the protocol layer and the dominant consumer interface undergoing governance reorganization simultaneously.

Singapore's financial watchdog proposed stablecoin rules requiring 100% reserves and banning yields, explicitly aligning with U.S. and EU frameworks [7]. South Korea announced a phased roadmap targeting a February 2027 rollout for a full tokenized securities market concluding with onchain stablecoin settlement. A Bank of Korea study found that dollar-backed stablecoin buying pressure correlates with local currency depreciation, adding a sovereign monetary policy dimension to stablecoin regulatio… 続きを読む