Crypto & Web3 — 2026年10月26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）
- •The week's defining tension was between accelerating institutional blockchain adoption — JPMorgan on Ethereum, Franklin Templeton on XRP Ledger, the Arc institutional L1 live with BlackRock and Visa as validators — and a deteriorating DeFi security environment, with four significant exploits in a single week totaling over $23M in losses and contributing to a continued TVL decline. Institutions are building on blockchain rails while the permissionless DeFi layer they sit above remains structurall…
- •Ethereum's Glamsterdam postponement and Solana's Alpenglow go-live in the same week crystallized the competitive dynamic between the two networks: Ethereum's cautious, security-first upgrade cadence delayed a testnet activation after a late-stage security flag, while Solana shipped its most significant upgrade in five years on schedule. The gap in deployment velocity is becoming a strategic differentiator for developers choosing infrastructure.
- •The OCC's finalization of the first GENIUS Act stablecoin rule with a January 18, 2027 effective date marks the most consequential U.S. crypto regulatory development of the week — it converts the GENIUS Act from a legislative framework into an operational compliance deadline, forcing stablecoin issuers to make concrete decisions about U.S. market participation within months.
- •The DATA/Story Protocol decision to shut its own L1 and migrate to Sui — after raising $140 million and building a full blockchain — is a leading indicator of a broader industry rationalization: the cost of maintaining a sovereign L1 (engineers, validators, audits, infrastructure) is increasingly difficult to justify when established networks offer equivalent functionality. This trend, if it accelerates, will concentrate activity on a smaller number of dominant chains.
- •The week's geopolitical shock — bitcoin sliding below $80,000 on U.S. Middle East evacuation news — reinforced that crypto's correlation with macro risk assets remains high even as institutional infrastructure deepens. The $80,000 level held as a support, but the speed of the reaction to a non-crypto event illustrates that the asset class has not yet decoupled from global risk sentiment despite the institutional adoption narrative.
今回の要点（14件）
- 1.Ethereum's Glamsterdam upgrade on Hoodi was postponed from its October 26 scheduled activation after security researchers flagged that new gas rules could allow smart contracts to permanently record failed operations; a new date has not been set [5].
- 2.Solana's Alpenglow upgrade — its biggest network change since 2020 — went live on October 22, delivering the 150-millisecond finality target [6].
- 3.JPMorgan brought JPM Coin, representing dollar deposits, to Ethereum on October 19 [6].
- 4.Franklin Templeton added $150 million in fund shares to the XRP Ledger in a single wallet [6].
- 5.The OCC finalized its first GENIUS Act stablecoin issuer rule, effective January 18, 2027 [6].
- 6.DATA (formerly Story Protocol), backed by a16z crypto, announced it is shutting down its own blockchain and migrating to Sui after a $30 million investment from the Sui Foundation; the company had previously raised $140 million [16].
- 7.A cluster of DeFi security incidents hit the week: Swell paused swETH and rswETH after a suspected admin-key compromise; Initia halted after a MoveVM bug allowed unbacked mints with $2.6M logged lost; CoinDCX confirmed a $16M hot-wallet key compromise with Tether freezing $2.2M USDT; X100 lost approximately $4.85M to a flash-loan governance attack [7].
- 8.DeFi TVL fell from approximately $90.2B to $88.75B over the week, with Lido shedding $619M to reach $22.57B [7].
- 9.Bitcoin slid below $80,000 on October 24 amid U.S. Middle East evacuation news before partially recovering to around $80,800 by October 25 [6].
- 10.The Irish central bank fined Coinbase Ireland €3.6 million over fund safeguarding failures [6].
- 11.France's parliament approved a vote to hit stablecoin trades with a 31% capital gains tax [6].
- 12.Polygon launched CDK Besu on October 19, enabling institutions to launch a Hyperledger Besu chain connected to other chains and their liquidity [10].
- 13.The total stablecoin market cap declined to $300.36B by October 25, with USDT at $182.42B and USDC at $71.74B [8].
- 14.The CFTC rebuffed CME's legal stance in a consequential fight over perpetual futures and set an agenda for an AI forum exploring trading and agentic finance [6].
市場動向
Bitcoin Volatility Tied to Macro and Geopolitical Shocks
Bitcoin oscillated between roughly $80,000 and $84,800 across the week, briefly touching a one-month low below $80,000 on October 24 as U.S. Middle East evacuation news triggered risk-off selling, before partially recovering to around $80,800 by October 25 [6]. Mixed earnings from Tesla and Meta on October 22 revived AI spending doubts, sending Nasdaq 100 futures down 1.32% and pulling crypto lower in tandem. The pattern — crypto selling off on macro/geopolitical shocks but recovering within 24–…
DeFi TVL Continues Structural Decline Led by Liquid Staking Outflows
DeFi total value locked fell from approximately $90.2B on October 18 to $88.75B by October 25, a roughly 1.6% weekly decline, with Lido shedding approximately $619M in the week to reach $22.57B and Aave losing over $350M [7]. The week also saw multiple security incidents — a Swell admin-key compromise exposing approximately 2,500 ETH, an Initia MoveVM infinite-mint exploit logging $2.6M lost, a CoinDCX $16M hot-wallet key compromise, and a $4.85M X100 flash-loan governance attack — compounding t…
Tokenized RWA and Institutional Blockchain Infrastructure Accelerate
Total RWA active AUM tracked by DeFi Llama stood at approximately $30.77B by October 25, with RWA perps open interest rising 16.70% over 30 days to $19.59B [9]. Franklin Templeton added $150 million in fund shares to the XRP Ledger in a single wallet [6]. JPMorgan brought JPM Coin, representing dollar deposits, to Ethereum [6]. The Arc institutional L1 — with founding validators including BlackRock, DTCC, Mastercard, and Visa — launched mainnet and became trackable on Dune Analytics [19] (compan…
Stablecoin Supply Contracts While Payment Velocity Holds
The total stablecoin market cap declined from $302.3B on October 18 to $300.36B by October 25, a 0.66% weekly contraction, with USDT falling to $182.42B and USDC to $71.74B [8]. Despite supply contraction, HSBC rolled out its first stablecoin to over 3 million everyday app users and Sweden's central bank revived the e-krona debate as stablecoins and the digital euro loomed [6]. The OCC finalized its first GENIUS Act stablecoin issuer rule, effective January 18, 2027 [6]. The divergence between s…
Ethereum Upgrade Delays and Protocol Security Concerns Weigh on Sentiment
The Glamsterdam upgrade on Hoodi, previously scheduled for October 26, was postponed after security developers flagged that new gas rules could allow smart contracts to permanently record failed operations [5]. A new activation date has not been set. Separately, Ethereum developers proposed a four-minute settlement plan to lower the cost of moving crypto [6], and Solana's Alpenglow upgrade — its biggest network change since 2020 — went live on October 22 [6]. The Glamsterdam delay, coming after …
競合動向
Glamsterdam Hoodi Activation Postponed After Security Flag
The Glamsterdam upgrade on Hoodi, previously scheduled for October 26, 2026 at epoch 132,352, was postponed after researchers showed how new gas rules could let smart contracts permanently record failed operations [5]. A new activation date has not been set. This supersedes the schedule announced in the previous period. The delay is an update to the prior period's 'Glamsterdam Scheduled for Hoodi Testnet on October 26' change — the upgrade is now in an indeterminate holding pattern before mainne…
Solana Alpenglow Goes Live; Competitive Pressure on Ethereum Intensifies
Solana's Alpenglow upgrade — described as its biggest network change since 2020 — went live on October 22 [6]. The upgrade delivers the 150-millisecond finality target that Solana set in the prior period. With Ethereum's Glamsterdam now delayed and Solana's major upgrade live, the competitive gap in finality and throughput between the two networks widened this week, reinforcing Solana's positioning for payment and settlement use cases where confirmation speed is a primary differentiator.
Polygon CDK Besu Launch Extends Institutional Chain Toolkit
Polygon launched Polygon CDK Besu on October 19, enabling institutions to launch a Hyperledger Besu chain connected to other chains and their liquidity [10] (company announcement — may reflect promotional framing). This follows Polygon's completion of the Coinme acquisition in the prior period, making Polygon Open Money Stack a U.S.-regulated payments platform. The CDK Besu launch extends Polygon's institutional toolkit beyond payments into permissioned chain deployment, positioning it to compet…
a16z Crypto Portfolio Pivot: DATA Shuts Blockchain, Moves to Sui
DATA, the a16z crypto-backed startup formerly known as Story Protocol, announced it is shutting down its own blockchain and moving to Sui after securing a $30 million investment from the Sui Foundation [16]. The company raised $140 million and built its own L1 before concluding that maintaining a blockchain was not necessary for its AI training data provenance product, Trace. Existing $DATA tokens will migrate to Sui one-to-one. The decision signals a broader trend of crypto startups abandoning …
Hyperliquid Dominates Perps Volume; Regulatory Engagement Advances
Hyperliquid consistently led perpetual futures open interest and volume across the reporting week, with the CFTC setting an agenda for an AI forum exploring trading and agentic finance [6]. The CFTC also rebuffed CME's legal stance in a consequential fight over perpetual futures [6]. Hyperliquid's founder's proposal from the prior period — that regulation should apply to operators rather than the underlying blockchain — continued to frame the regulatory debate, with Kraken's parent Payward advan…
制度・規制動向
OCC Finalizes First GENIUS Act Stablecoin Issuer Rule
The OCC finalized its first GENIUS Act stablecoin issuer rule, effective January 18, 2027, starting fresh in weighing stablecoin rewards against the GENIUS Act ban [6]. DeFi Llama noted the rule's implications for stablecoin issuers across chains [7]. The finalization of the first GENIUS Act implementing rule marks the transition from legislative framework to operational compliance requirements for U.S. stablecoin issuers, with a concrete effective date creating a compliance deadline.
Multi-Jurisdictional Enforcement and Taxation Actions Continue
The Irish central bank fined Coinbase Ireland €3.6 million over fund safeguarding failures [6]. A U.S. judge rejected Gemini's appeal to void a $5 million settlement despite CFTC backing [6]. France's parliament approved a vote to hit stablecoin trades with a 31% capital gains tax [6]. Latvia's parliament moved toward crypto tax payments in 2027 [6]. Kazakhstan barred Coinbase and five others from unlicensed crypto services in the Astana International Financial Centre [6]. UK banks faced 10,000 …
SEC Announces Fiscal Year 2027 Examination Priorities
The SEC announced its Fiscal Year 2027 Examination Priorities on October 23, 2026 [1]. The SEC also announced a supervisory MOU with the AMF to enhance cooperation for investment advisers and investment service providers on October 20, 2026 [1]. The SEC's Crypto Task Force and enforcement focus on fraud and real investor harm — as described in the Chairman Atkins podcast with Enforcement Director David Woodcock — continued to frame the agency's approach to crypto oversight [1].
FSB Stablecoin Monitoring and BIS Cross-Border Payments Research Active
The FSB's October 12 note to the G20 on global stablecoin cross-border vulnerabilities and financial stability monitoring remained the primary FSB crypto-related publication active during the reporting period [14]. The BIS published Working Paper No. 1385 on October 19 examining competing rails for cross-border payments — banks, fintechs, and stablecoins — finding that cross-border payments remain slow and expensive despite improvements in digital financial infrastructure [13]. The FSB consultat…
ソース活動
先週からの変化
Glamsterdam Hoodi Activation Postponed Indefinitely
The Glamsterdam upgrade on Hoodi, previously scheduled for October 26, 2026 at epoch 132,352, was postponed after security researchers showed new gas rules could allow smart contracts to permanently record failed operations [5]. A new activation date has not been set. This directly updates the prior period's 'Glamsterdam Scheduled for Hoodi Testnet on October 26' change.
OCC Finalizes GENIUS Act Stablecoin Rule Effective January 18, 2027
The OCC finalized its first GENIUS Act stablecoin issuer rule, effective January 18, 2027 [6]. This is the first concrete implementing regulation under the GENIUS Act framework, creating a compliance deadline for U.S. stablecoin issuers and marking the transition from legislative framework to operational requirements.
DATA (ex-Story Protocol) Shuts L1, Migrates to Sui with $30M Investment
DATA, the a16z-backed startup formerly known as Story Protocol, announced it is shutting down its own blockchain and moving to Sui after a $30 million investment from the Sui Foundation [16]. The company had raised $140 million and built its own L1 before pivoting to AI training data provenance. Existing $DATA tokens migrate to Sui one-to-one.
Multiple DeFi Security Incidents: Swell, Initia, CoinDCX, X100
A cluster of security incidents hit DeFi this week: Swell paused swETH and rswETH after a suspected admin-key compromise exposing approximately 2,500 ETH; Initia halted after a MoveVM bug allowed unbacked mints with $2.6M logged lost; CoinDCX confirmed a $16M hot-wallet key compromise with Tether freezing $2.2M USDT; and X100 lost approximately $4.85M to a flash-loan Senate governance takeover [7]. Q3 hacks cost $1.18 billion according to Hacken [6].
Solana Alpenglow Upgrade Live; JPMorgan Brings JPM Coin to Ethereum
Solana's Alpenglow upgrade — its biggest network change since 2020 — went live on October 22 [6]. In the same week, JPMorgan brought JPM Coin, representing dollar deposits, to Ethereum [6], and Franklin Templeton added $150 million in fund shares to the XRP Ledger in a single wallet [6]. These three events together mark a significant week for institutional blockchain infrastructure deployment across competing networks.
ウォッチリスト — 今後の締切
FSB consultation on regulatory and supervisory modernization principles — feedback deadline
ソース: Financial Stability Board示唆・見るべき論点（9件）
- 1.The Glamsterdam security flag — gas rules enabling permanent recording of failed operations — reveals a subtle but important risk in Ethereum's gas repricing: changes designed to improve economic efficiency can create new attack surfaces for smart contract state manipulation. The postponement is the right call, but it extends the period of uncertainty for developers who need to audit contracts against the new gas model before mainnet.
- 2.JPMorgan's deployment of JPM Coin on Ethereum is strategically more significant than its technical scope: it means the world's largest bank by assets is now using Ethereum as settlement infrastructure for dollar deposits, not just as an experimental platform. This creates a direct institutional dependency on Ethereum's security and liveness that will influence JPMorgan's engagement with Ethereum governance going forward.
- 3.The DATA/Sui migration illustrates a new economic calculus for crypto startups: the marginal cost of running a sovereign L1 (validator incentives, security audits, infrastructure) now exceeds the marginal benefit for projects whose core value proposition is a single application rather than a general-purpose platform. The $30M Sui Foundation investment effectively subsidizes the migration, suggesting Sui is actively competing for ecosystem projects through financial incentives.
- 4.The cluster of four DeFi security incidents in a single week — admin-key compromise, VM exploit, hot-wallet key theft, and flash-loan governance attack — represents four distinct attack vectors, none of which share a common root cause. This diversity of exploit types suggests that DeFi's security problem is systemic rather than addressable by any single mitigation, and that the $1.18B Q3 hack total reported by Hacken reflects a structural vulnerability rather than a temporary spike [6].
- 5.France's 31% capital gains tax on stablecoin trades, if enacted, would be the most punitive stablecoin taxation regime among major economies and would likely drive French crypto activity to jurisdictions with lighter treatment. The Apex Group CEO's comment that the U.S. Clarity Act failure gives Asia and the Middle East a competitive edge [6] frames the broader dynamic: regulatory fragmentation is creating arbitrage opportunities that will shape where the next generation of crypto infrastructure…
- 6.The OCC's GENIUS Act rule effective January 18, 2027 creates a hard compliance deadline that will force stablecoin issuers to either obtain OCC approval, restructure their operations, or exit the U.S. market. The 85-day window between the rule's finalization and its effective date is short for compliance infrastructure buildout, suggesting that issuers who have not already begun the process face significant operational risk.
- 7.Polygon CDK Besu's launch — enabling institutions to deploy Hyperledger Besu chains connected to Polygon's liquidity — is a direct competitive move against Hyperledger Fabric and R3 Corda in the enterprise blockchain market. By connecting permissioned Besu chains to Polygon's public liquidity, Polygon is offering enterprises a hybrid model that preserves the privacy and control of permissioned chains while enabling access to DeFi liquidity — a combination that neither pure permissioned nor pure …
- 8.The CFTC's rebuff of CME's legal stance on perpetual futures, combined with its AI forum agenda, signals that the agency is simultaneously defending its jurisdiction over traditional derivatives markets and expanding its analytical capacity for novel instruments. The two moves together suggest the CFTC is positioning itself as the primary U.S. regulator for both crypto derivatives and AI-driven trading — a scope expansion that will have significant implications for DeFi protocols offering perpet…
- 9.Dune Analytics' launch of Market Data Feeds on October 22 — delivering real-time, normalized spot and perpetual trade data from onchain markets — represents a maturation of the onchain data infrastructure layer [11]. The availability of institutional-grade, normalized onchain trade data lowers the barrier for traditional financial data vendors and trading desks to integrate onchain markets into their workflows, accelerating the convergence of onchain and offchain market data.
信頼度サマリー
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参照ソース一覧
SEC announced Fiscal Year 2027 Examination Priorities on October 23; supervisory MOU with AMF announced October 20; Crypto Task Force and enforcement focus on fraud and real investor harm active throughout the week
Background on SEC Crypto Task Force, FinHub, and enforcement actions; no new changes detected this week
Background on ESMA's MiCA oversight, DLT monitoring, and digital finance activities; no new changes detected this week
Site content updated October 22-23; content categories include AI & crypto, stablecoins, tokens, CLARITY Act, and policy & regulation; a16z is widening bets beyond crypto into AI and emerging tech per CoinDesk
Glamsterdam on Hoodi postponed on October 22 after security researchers flagged gas rule risks; previously scheduled for October 26 at epoch 132,352; new activation date not set
Primary source for JPMorgan JPM Coin on Ethereum, Franklin Templeton XRP Ledger, Solana Alpenglow live, OCC GENIUS Act rule, DATA/Sui migration, DeFi security incidents, Bitcoin price action, France stablecoin tax, Coinbase Ireland fine, CFTC perpetual futures fight, and HSBC stablecoin launch
DeFi TVL at $88.75B as of October 25, down from $90.2B on October 18; Lido at $22.57B; multiple security incidents including Swell, Initia, CoinDCX, X100 logged; OCC GENIUS Act rule noted for stablecoin issuers
Total stablecoin market cap at $300.36B as of October 25; USDT at $182.42B with 60.74% dominance; USDC at $71.74B; 0.66% weekly decline
Total RWA active AUM at $30.77B as of October 25; RWA perps open interest at $19.59B, up 16.70% over 30 days; Morpho Blue largest protocol at $775.95M
Polygon CDK Besu launched October 19 enabling Hyperledger Besu chains connected to other chains and their liquidity; Polygon Open Money Stack U.S.-regulated payments platform confirmed following Coinme acquisition
Dune Market Data Feeds launched October 22 delivering real-time normalized spot and perpetual trade data from onchain markets; Arc institutional L1 data available from first block; midterms prediction market research published October 20
LF Decentralized Trust Institutional Adoption Report 2026 featured; Ledger Insights inventories 80 platforms at central banks and financial institutions running LFDT technology in production or development
BIS Working Paper No. 1385 on competing rails for cross-border payments published October 19; BIS Working Paper No. 1388 on bank liquidity regulation and private credit growth published October 20; Project Aurum Phase 2 privacy-preserving digital cash ongoing
FSB consultation on regulatory and supervisory modernization principles open with feedback due January 8, 2027; October 12 G20 note on global stablecoin cross-border vulnerabilities active; FSB AI sound practices finalized October 15
Coin Center comment on GENIUS Act regulations on payment stablecoin issuance published; featured report on software as speech and warrantless surveillance intermediary assumptions
DATA (formerly Story Protocol) shutting down its blockchain and moving to Sui after $30M Sui Foundation investment; company raised $140M and built own L1 before pivoting to AI training data provenance; existing tokens migrate one-to-one
Bitcoin trading around $82,500 on October 19; CoinDesk 80 gained 0.9%; DeFi led benchmarks; Arbitrum ARB rose 6.7% on Stablecoin Growth Program; Altcoin Season index at 56/100
Bitcoin fell as much as 2.9% to below $82,000 on October 22 as mixed Tesla and Meta earnings revived AI spending doubts; DeFi index slumped 5.6%; Monero XMR added 4.9% as outlier
Arc institutional L1 mainnet data on Dune from first block; founding validators include BlackRock, DTCC, Galaxy, ICE, Mastercard, Standard Chartered, Visa; USDC as gas token; sub-second finality
Hyperliquid founder Jeff Yan proposes operator-level rather than protocol-level U.S. regulation; Kraken parent Payward plans regulated U.S. derivatives using Hyperliquid technology; CFTC engagement ongoing
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