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Tokenization’s next use case is personalized portfolios, NYLIM executive says

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NYLIM was the latest entrant to the list of asset management giants making moves in tokenization, teaming up with Centrifuge (CFG) to bring one of its high-yield corporate bond strategies onchain.

For NYLIM, tokenization is less about launching blockchain versions of existing funds than improving how portfolios are assembled.

Sy said customized investment strategies often combine ETFs, bonds, private credit and other assets, creating operational complexity that makes personalization difficult to scale.

“The end goal is to embed the customization within the asset itself, rather than the customization sitting around the operations around the different assets,” he said.

Tokenization could also streamline transfer agency, settlement and other back-office processes, reducing costs that ultimately benefit investors.

“If you can bring that down by 10% or 20%, that’s a better outcome for our clients,” Sy said.

DeFi awaits

Sy said stablecoins have become the first practical bridge bringing traditional financial institutions onchain.

The stablecoin market has grown to over $300 billion, and its increasingly used for cross-brder payments

As banks, payment firms and fintech companies adopt stablecoins for cross-border payments and treasury management, many will eventually look for institutional-grade tokenized assets where those balances can earn yield instead of remaining in cash.

“Stablecoins were probably one of the biggest unlocks in the past two years,” Sy said. “Adopting stablecoins was the gateway to get them onchain.”

Bitcoin retakes $63,000, reversing end-June losses

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Bitcoin climbed above $63,000 in U.S. morning hours Saturday, up 1.4% over 24 hours and 3.6% on the week, per CoinDesk data, its highest in two weeks and a full reversal of the losses that closed out June.

XRP led the day’s majors, up 5.3% to $1.18 and nearly 10% on the week, a move that lifted it past the USDC stablecoin to fifth place by market value at about $73 billion.

The gain came alongside onchain data showing XRP holders at their deepest average losses on record – the kind of washed-out positioning some traders buy against. Ether added 3.2% on the day to about $1,793, up 11.5% over seven days, while dogecoin rose 2.6% and solana held near $82.50 with a 13.2% weekly gain.

The surge extended a week built on a friendlier macro turn. Fed Chair Kevin Warsh’s comment that inflation risks have come down, a soft June jobs report and a squeeze on bearish traders carried bitcoin from below $60,000 to above $63,000 in five sessions.

Trading was thin on Saturday with U.S. markets shut for the Independence Day holiday, the kind of liquidity that exaggerates moves in both directions.

Bitcoin entered the third quarter at 21-month lows and has now recovered the ground lost in June’s final slide. Whether the momentum holds turns on the coming U.S. inflation print and on whether buying continues once U.S. desks return from the holiday.

UK’s bold new crypto rules promise to unlock global trading, but huge compliance hurdles still threaten the rollout

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“The existing AML registration process with the FCA, which is much narrower, is already incredibly demanding, with the FCA rejecting or forcing the withdrawal of over 85% of applications,” he said in an emailed comment. The new framework introduces substantially broader requirements covering Consumer Duty, prudential standards, operational resilience and senior management accountability.

Cattee also cautioned firms against delaying applications, pointing to MiCA’s rollout in Europe, where many firms waited until deadlines approached, creating licensing bottlenecks that left some businesses without authorization in time.

For institutional investors, however, the new framework represents more significant than just another crypto rulebook.

Sandy Jones, director of digital assets at Baillie Gifford, said regulation does not automatically make crypto safer but provides the legal certainty and standards of governance needed for traditional financial (TradFi) institutions to adopt blockchain-based infrastructure.

“The underlying technology is powerful, but it does not create a direct path into mainstream financial markets on its own,” Jones said. “You need legal clarity, operational resilience, proper governance and rules that investors and institutions can recognise.”

Jones also welcomed the FCA’s recent refinements to its stablecoin regime, arguing they create robust settlement infrastructure without imposing unnecessary operational friction.

The industry’s responses suggest the FCA has deliberately positioned the U.K. as a commercially pragmatic alternative to Europe’s MiCA regime. But whether that translates into firms choosing Britain over other jurisdictions will depend less on the framework’s ambition than on how predictably it is implemented over the coming months.

A massive EU regulatory crackdown is threatening the explosive boom of multibillion-dollar prediction markets

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The European Securities and Markets Authority (ESMA) said some prediction-market contracts may be covered by the European Union’s binary options ban, warning firms that yes-or-no event contracts cannot be marketed, distributed or sold to retail clients when they qualify as financial instruments.

“This means that the marketing, distribution or sale to retail clients of event contracts that meet the definition of financial instruments is prohibited,” ESMA said in a statement.

The regulator targeted contracts whose payout is binary, usually a fixed amount or nothing, and depends on the outcome of a future event.

ESMA said the product label is irrelevant, as a contract sold as an “event contract” can still be a MiFID II financial instrument if its underlying falls within the derivatives categories.

Event contracts that qualify as financial instruments are derivatives, ESMA said. That puts them within the scope of national product intervention measures for binary options.

The warning comes as prediction markets expand across crypto and traditional finance. Kalshi and Polymarket have been discussed as potential M&A targets as operational lines blur between exchanges, brokerages and sportsbooks.

Why bitcoin’s (BTC) disconnect from record-high stocks won’t last

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Bitcoin’s lackluster performance this year has puzzled investors.

Despite record highs in equities, the world’s largest cryptocurrency has struggled to regain momentum while U.S. technology stocks have surged on enthusiasm surrounding AI as it currently trades just below the $62,000 mark, down over 50% from its peak price in October.

Two new outlooks from asset managers Hashdex and Charles Schwab argue the disconnect is temporary, albeit for different reasons.

Samir Kerbage, chief investment officer at Hashdex, said crypto’s recent weakness says more about where investors are allocating capital than about the health of the digital asset ecosystem.

“Capital follows attention and narratives,” Kerbage wrote in a midyear market outlook. “Crypto has benefited from this in the past but right now, attention is elsewhere. AI infrastructure plays, IPO pipelines, macro positioning around rate expectations, are absorbing the flows.”

That rotation, he argued, has overshadowed several structural developments that continue to strengthen crypto’s long-term investment case. Institutional infrastructure is expanding across banks, brokers and payment providers, while regulatory clarity in the U.S. has improved and could strengthen further if Congress passes the CLARITY Act this summer.

Meanwhile, crypto’s underlying usage continues to grow even as prices remain subdued.

Trump crypto token buyers are down $3.8 billion, Nansen data shows

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TRUMP trades near $1.79 today, down about 96% from its peak. Its market value is $425 million, against nearly $15 billion at the January 2025 high. Of the 722,000 wallets still holding the token, positions are worth $465 million combined. Since launch, about $71 billion in value has moved through the token.

Trump, who once was a crypto critic, embraced the technology during the 2024 campaign trail before his return to the White House, promising to make the U.S. the crypto capital of the world. Since then, he has unapologetically maintained his crypto ties even as he and his appointees have steered the federal government toward embracing the industry.

Recently, Trump has said there is nothing wrong with the income he made from his crypto-related businesses. He told CNBC that he did nothing illegal and was unaware of the extent of his holdings. Trump also added that he handed day-to-day control of his businesses to his two eldest sons before taking office without divesting.

Family ties

The crypto company that Trump and his family have maintained an ownership stake in, World Liberty Financial, saw its token add to losses under a different structure.

WLFI tokens were sold through an initial coin offering (ICO) at $0.015 in the first round and $0.05 to the public, and stayed non-transferable until Sep. 1, 2025. Secondary trading opened that day at $0.29 and reached $0.33.

Europe led on crypto regulation. Now implementation must match ambition

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Europe has done something important. With MiCA, the EU created the world’s first comprehensive regulatory framework for crypto-assets. That is a significant achievement, not only for the digital asset industry, but for Europe’s wider ambition to lead in responsible financial innovation.

MiCA’s promise was clear: a harmonised single-market framework for crypto-asset services across the EU, greater clarity for users, more certainty for firms, and a level playing field for responsible operators willing to meet high standards.

Binance has supported that objective from the beginning, and we continue to support it today. But frameworks are only as strong as their implementation.

As MiCA moves from legislation to implementation, an important question is emerging: is the harmonised framework being implemented as intended?

That question matters far beyond Binance. Europe’s digital asset market is large, sophisticated and growing. Across the continent, millions of people use digital assets, innovative Web3 businesses are being built, and institutional participation continues to expand.

This ecosystem is part of Europe’s future competitiveness. Digital assets are about far more than trading. They represent new financial infrastructure: faster settlement, lower-cost payments, programmable products, digital ownership and more transparent markets.

Bitcoin is Close to Sealing a Key “W”-Shaped Reversal Pattern, Notes John Bollinger

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Bitcoin (BTC) is completing a “perfectly fractal” reversal pattern that a well-known analyst hopes could end the bear market.

Key points:

  • Bitcoin is on the final leg of what could become a major “W”-shaped reversal pattern.
  • John Bollinger suggests that its success could “break” the downtrend in place since October 2025.
  • Institutional interest slowly returns as newly reclaimed $60,000 holds.

John Bollinger hints BTC price “W” reversal could break bears

In X posts on Friday, John Bollinger, creator of the Bollinger Bands volatility indicator, eyed a “W”-shaped double bottom on BTC/USD.

“$BTC has seen a series of bullish patterns broken, evidence of the power of the downtrend,” he commented. 

“Will this ‘W’ be the one that breaks the trend?”

“W”-shaped reversals involve two swing lows with a rejected rebound in between, with price ultimately breaking through that rejection level to form a new uptrend.

Bollinger uploaded a chart showing how neatly the current setup aligns with the lower band of the Bollinger Bands indicator on daily time frames.

“Note that it is perfectly fractal. The are small ‘w’s at the nadirs and a small ‘m’ at the apex,” he added, also pointing to a “W” on the weekly chart.

BTC/USD one-day chart with Bollinger Bands. Source: John Bollinger/X

Bollinger has been bullish on BTC for some time. In early May, he revealed a new long position via his Bitcoin investment vehicle.

As Cointelegraph reported, an increasing number of price indicators are flashing signals not seen since the last bear market in 2022. Despite this, market participants broadly believe that the next macro bottom is still to come and is due in Q3 or later.

Bitcoin ETF inflow comes amid major supply “absorption”

Continuing, analyst Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, stressed the significance of re-emerging institutional buyer interest.

Related: Bitcoin price tags $62.3K nine-day high after global stocks hit historic record

On Friday, the US spot Bitcoin exchange-traded funds (ETFs) saw their first net inflows in ten days.

“Bitcoin is in the late stage of the bear cycle, but the ETF segment has for the first time signaled that the pressure is easing,” he summarized on X.

US spot Bitcoin ETF netflows. Source: Axel Adler Jr./X

Trader Daan Crypto Trades acknowledged that while the $220 million inflows were “not massive,” they could have implications for BTC price support going forward.

“Also good to note how price has been holding this ~$60K region regardless of the many outflows. That will become meaningful if price does bounce further into next week as it means a lot of absorption has taken place,” he told X followers.

Revolut Notifies Customers of USDT Delisting

Revolut, a crypto-friendly digital banking platform headquartered in the United Kingdom, notified some users it will delist Tether USDt (USDT) stablecoin in August, citing regulatory and risk concerns.

In a Friday customer notice seen by Cointelegraph, Revolut said users will no longer be able to buy USDT starting July 6, with full delisting scheduled for Aug. 31, 2026.

If users do not sell or withdraw their USDT by the end of August, Revolut will automatically convert any remaining USDT holdings into users’ base currency at the day’s exchange rate, the company said.

USDT deposits will no longer be supported after July 30, 2026, after which any incoming USDT transfers will be rejected, it said.

The move highlights how major fintech companies are adjusting stablecoin access in response to shifting regulatory frameworks. Exchanges such as Coinbase began delisting USDT in Europe in 2024 to align with the EU’s Markets in Crypto-Assets (MiCA) requirements.

Revolut does not cite exact framework for delisting

Revolut has not clarified whether the USDT delisting will apply globally or only in specific jurisdictions.

Addressing the reasons for delisting USDT, Revolut cited “regulatory and risk considerations” without expanding what regulations specifically have triggered the move.

Source: Cointelegraph

The company was granted a MiCA license as a crypto asset service provider (CASP) in November 2025, according to the official register by the European Securities and Markets Authority (ESMA). The license was issued by the Cyprus Securities and Exchange Commission (CySEC).

Related: EU crypto rulebook faces enforcement challenge as MiCA transition ends

Cointelegraph approached Revolut for comment on the affected jurisdictions and the scope of its crypto offering but did not receive a response by the time of publication.

Tether refused to comply with MiCA

Tether’s USDT has been gradually delisted by CASPs in Europe since late 2024 as the stablecoin’s issuer refused to comply with the EU’s MiCA regulation.

The company’s CEO, Paolo Ardoino, has repeatedly criticized perceived flaws in MiCA, including reserve requirements that apply to certain stablecoin issuers and require part of their reserves to be held with EU credit institutions.

Source: Cointelegraph

“I think it’s a very not well thought legislation,” Ardoino told Cointelegraph in a May 2025 interview.

At the time of publication, USDT is the third-largest crypto asset by market capitalization after Bitcoin and Ether, with a market value of $184 billion. Its largest competitor, Circle’s USDC, has a $73 billion market cap and ranks as the fifth-largest crypto asset, according to CoinGecko.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Preferred Stock Is Becoming Bitcoin Treasury Firms’ Financing Tool Of Choice: Report

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A new class of Wall Street securities has grown from an experiment into a multibillion-dollar market in under two years, and a June 2026 research report from BitcoinTreasuries.net argues the expansion has just begun.

The report, produced in partnership with the DeFi protocol Apyx, tracks the rise of preferred shares issued by public companies and backed by their bitcoin holdings. Such shares now carry a combined market value of about $13 billion. That figure represents close to 1% of the $1.3 trillion global preferred market, a share the report’s authors expect to reach 3 to 5% by 2030 and as much as 10%, or $130 billion, beyond that horizon.

The instrument sits at the center of a financing puzzle facing companies that hold bitcoin as a treasury asset. Firms such as Strategy, led by Michael Saylor, want long-duration capital to buy more bitcoin without diluting common shareholders or taking on debt that must be repaid at a fixed date. Bitcoin’s price swings make that balance difficult. 

Bitcoin traded near $124,720 in October 2025, then fell to below $60,000s by mid-June 2026, a drawdown of about 47% in eight months.

Preferred shares offer a path around the problem. When a company issues them, its common share count does not rise, so existing owners avoid dilution. The shares are classified as equity rather than debt, which means no maturity date and no forced repayment. In exchange, holders receive a dividend that ranks ahead of common stock.

 For income investors shut out of bitcoin’s upside, the structure converts the token’s volatility into a yield product.

Preferred shares are pushing Bitcoin expansion

Those yields dwarf what fixed-income markets pay. The five main bitcoin-backed preferred securities in the U.S. carry effective yields between 10.8% and 15.2%, against the 3 to 4%offered on high-yield savings accounts. 

Strategy’s lineup accounts for most of the market: STRF, STRC, STRK and STRD together hold a market value near $12.5 billion. Strive, an asset manager turned bitcoin treasury company, issued a fifth security, SATA, with a market value around $330 million.

The report’s central claim is that demand outstrips supply. Fixed-income institutions such as mutual funds, banks, pensions and insurers hold $10.9 trillion in U.S. treasuries. A shift of 10 to 20 basis points from that pool would generate $10.9 billion to $21.8 billion in demand, enough to validate the near-term market projection on its own. 

Supply, though, is capped by the amount of bitcoin available as collateral. Of the 20 million bitcoins in circulation, holdings in exchanges, spot ETFs and mining firms are excluded as customer assets or operating reserves. 

That leaves the 1.26 million bitcoins held in corporate treasuries, worth about $83 billion. Strategy alone controls some 845,000 of them, or 67%.

Collateral coverage is the feature the report leans on to make the case for safety. Bitcoin-backed preferreds maintain coverage ratios of 3.8 to 4.5 times, meaning issuers hold $3.80 to $4.50 in bitcoin for every $1 of preferred equity.

 By comparison, the median large-bank mortgage in the third quarter of 2025 advanced 76 cents against every dollar of home value. “The security of these instruments is significantly higher than 95% of the bonds in the market,” Jeff Walton, chief risk officer at Strive, said in the report, “because they’re actually backed by capital, not future cash flows.”

Not every firm qualifies to issue. Walton set out requirements: a clean balance sheet free of senior secured debt, scale to support an issuance of $100 million or more, and a team versed in tax treatment, covenant design and dividend policy. 

Encumbered bitcoin, he said, ranks ahead of preferred equity and would block most deals. Strive itself used a $225 million SATA offering in January to retire debt inherited from its acquisition of Semler Scientific, a move that left all of its bitcoin unencumbered.

The risks are structural rather than hidden. Strategy’s common stock, MSTR, acts as a volatility amplifier, and it has fallen more than bitcoin over the past year. “When bitcoin’s price declines, Strategy’s will dip more,” said Tony Lau, an investment partner at Primitive Ventures, who described a possible cascade in the stock. 

Three of the four Strategy preferreds trade at discounts to their $100 par value. The dividends themselves depend on a company’s ability to keep raising capital against a rising bitcoin price, though both Strategy and Strive have disclosed cash reserves sufficient to cover at least twelve months of payments.

Strategy CEO Phong Le told investors in February that the firm’s balance sheet holds unless bitcoin falls to $8,000 and stays there for five or six years.

For now, the report frames preferred equity as an instrument in its “0 to 1 moment” — a market where appetite exceeds what issuers can produce, and where the gap favors the companies willing to build the product.