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Cardano Treasury Vote Ratifies Developer Experience Initiative With 67.9% Support

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Cardano Treasury Vote Ratifies Developer Experience Initiative With 67.9% Support

Cardano’s IO-backed Developer Experience Initiative has been approved through treasury vote, securing 67.90% support with ₳3.72 billion in Yes stake.

Cardano’s Developer Experience Initiative has been ratified following a closely watched treasury vote, according to AdaStat data.

The proposal, a treasury withdrawal request tied to developer tooling and onboarding, received 67.90% Yes support against 32.10% No votes. Approximately ₳3.72 billion in ADA backed the approval, compared to ₳1.76 billion in opposition stake.

The governance vote represents a fresh win for IO Global—the entity backing the proposal—at a time when Charles Hoskinson, Cardano’s founder, is publicly focusing his attention on advancing ADA and the Midnight blockchain privacy platform. The ratification enables the funded initiatives to proceed with ecosystem development efforts.

Sources: X (Charles Hoskinson) | Bitcoinist

Base Launches MCP Agent Gateway for Onchain Portfolio Management

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Base Launches MCP Agent Gateway for Onchain Portfolio Management

Base introduces Model Context Protocol integration enabling AI agents to execute swaps, trades, and portfolio management across leading DeFi protocols.

Base announced the launch of Base MCP, a new gateway enabling AI agents to connect directly to user Base accounts and execute onchain transactions. The protocol allows agents to swap, trade, and manage digital asset portfolios while integrating plugins from major DeFi applications on the Base blockchain.

Base MCP includes built-in skills for seven DeFi and blockchain protocols: Morpho, Moonwell, Bankr, Avantis, Virtuals, Uniswap, and Aerodrome, with additional integrations planned. The announcement frames the feature as part of the broader expansion of what Base calls the ‘agentic onchain economy.’

The integration uses Model Context Protocol, an open standard for agent-to-application communication. By enabling agents to manage accounts and execute trades directly on Base, the protocol removes friction from agentic finance workflows while maintaining user-controlled authorization over connected accounts.

The launch reflects broader industry momentum around AI agents accessing blockchain infrastructure. Base provides detailed setup documentation and information about MCP capabilities on its developer portal.

Sources: Base | Base Agents Documentation

Joe Lubin’s SharpLink (SBET) to join the Russel 2000, 3000 indexes

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Joe Lubin’s SharpLink (SBET) to join the Russel 2000, 3000 indexes

SharpLink Gaming (SBET), the Ethereum treasury backed by Ethereum co-founder Joe Lubin, is joining the Russell 2000 and Russell 3000 indexes later this month, potentially opening the stock to fresh institutional demand from index-tracking funds.

The inclusion will take effect after markets close on June 29 as part of FTSE Russell’s annual index reconstitution, the company said Tuesday.

Russell indexes are widely followed benchmarks for U.S. equities, with roughly $12 trillion in assets tied to them through passive and active investment strategies, the press release said. Membership in the Russell 2000, the benchmark for small-cap U.S. stocks, could increase trading volumes and institutional ownership.

SharpLink has emerged as one of the largest public holders of ether (ETH), part of a wave of companies adopting crypto treasury strategies last year modeled after the bitcoin holder Strategy (MSTR). Since then, most digital asset treasuries halted or pivoted to selling their assets as their stock prices cratered and crypto markets pulled back.

The firm held 872,984 ETH in early May, according to its latest quarterly earnings report, making it the second-largest public ETH treasury, trailing Bitmine’s 5.4 million ETH stash. SharpLink’s holding is worth roughly $1.8 billion at current prices, and it hasn’t reported any ETH purchases since October.

The stock has fallen about 95% from its speculative frenzy peak last May, when investors piled into crypto treasury firms during a broader rally in digital assets. Even so, the shares remain more than double their level before SharpLink pivoted to an Ethereum treasury strategy. The stock is down about 2% on Tuesday, similar to ETH’s price.

The index inclusion validates the company’s “institutional-grade ETH treasury strategy,” SharpLink CEO Joseph Chalom said, adding that it can strengthen the firm’s “access to capital markets.”

Former Hodlnaut CEO Charged in Singapore Over Terra Collapse Claims

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Former Hodlnaut CEO Charged in Singapore Over Terra Collapse Claims

Former Hodlnaut CEO Zhu Juntao was charged in Singapore with six counts of fraud by false representation, in a case tied to statements Zhu and Hodlnaut employees allegedly made after the 2022 collapse of the Terra ecosystem.

Singapore Police said Zhu, 36, was charged following an investigation by the Commercial Affairs Department and faces three charges under Section 424A(1)(a) read with Section 424A(3) of the Penal Code 1871, as well as three further charges under the same provision read with Section 109.

The case centers on alleged false claims about Hodlnaut’s exposure to the TerraUSD (UST) crash, including accusations that Zhu directed staff to issue some of the statements.

Police said Zhu allegedly instigated Hodlnaut employees to make misleading statements in the company’s official Telegram group and in emails sent to some users between May and July 2022, asserting that the platform did not have direct exposure to UST and had not suffered losses from its crash.

Singapore Police Force charges former Hodlnaut chief executive Zhu Juntao. Source: Singapore Police Force

The police statement also said Zhu published three similar posts on his personal Twitter account, now known as X, in June 2022. If convicted, he faces up to 20 years in prison, a fine, or both, on each charge.

Related: Singapore revokes crypto payment license of Bsquared over regulatory breaches

The charges revive scrutiny of one of the most damaging episodes in the 2022 digital asset market rout. The Terra ecosystem imploded in May 2022 when its algorithmic stablecoin UST lost its dollar peg, wiping out approximately $50 billion in market value and helping trigger broader failures across the crypto lending sector.

Hodlnaut’s collapse and liquidation

Hodlnaut, a Singapore-based crypto platform that allowed users to deposit tokens for yield, had more than 30,000 users worldwide before it became defunct in August 2022 due to financial difficulties, according to police.

The company halted withdrawals in August 2022, and its website now says its affairs, business and property are being managed by court-appointed liquidators.

Other crypto lenders, including Celsius Network and Voyager Digital, also fell into bankruptcy in 2022 amid the Terra fallout and a wider market slump, leaving hundreds of thousands of customers with frozen funds.

Celsius reported more than $10 billion in assets before its collapse, while Voyager’s Chapter 11 filing listed between $1 billion and $10 billion in assets and liabilities.

Cointelegraph reached out to Hodlnaut’s court-appointed liquidators, but they did not immediately respond to a request for comment.

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Base launches AI tool that lets ChatGPT manage crypto wallets and DeFi apps

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Base launches AI tool that lets ChatGPT manage crypto wallets and DeFi apps

Coinbase’s Ethereum Layer 2 network Base has launched a new tool that lets artificial intelligence agents directly interact with users’ crypto wallets and decentralized finance applications through plain-language prompts, marking a new step in the convergence of AI and crypto infrastructure.

The product, called Base MCP, connects a user’s Base Account to AI clients such as ChatGPT, Claude and Cursor using the Model Context Protocol (MCP), an emerging standard that allows AI systems to securely interface with external tools and applications.

With the integration, users can ask AI agents to send funds, swap tokens, check balances, review transaction history and interact with DeFi applications on Base without navigating traditional crypto interfaces.

“Base MCP is a first step toward making the onchain economy easier to use via AI,” the company said in a statement. “Instead of forcing users to jump between apps, parse protocol interfaces, or know exactly which action to take, Base MCP lets your agent help you navigate the ecosystem in a more personalized and understandable way.”

The launch comes as crypto companies increasingly experiment with agentic systems capable of autonomously executing blockchain transactions and interacting with decentralized applications. Industry proponents argue that AI agents could simplify onboarding to crypto by abstracting away the complexity of wallet management and protocol navigation.

At launch, Base MCP includes integrations with several DeFi protocols on Base, including lending platforms Morpho and Moonwell, decentralized exchange Uniswap and perpetuals trading platform Avantis.

The integrations allow users to interact with lending markets, supply assets to vaults, manage liquidity positions and trade perpetual futures through conversational AI interfaces rather than dedicated apps or websites.

Base framed the initiative as part of a broader push toward AI-native internet interfaces, arguing that chat-based agents may eventually become a primary method for discovering and using onchain applications.

“Over time, we believe agentic chat interfaces will become an important surface for app discovery and distribution,” the company wrote in its press release. “As more people use agents as their primary internet interface, apps will need a new way to show up inside those environments.”

Read more: Coinbase’s Base to focus on tokenized markets, stablecoins, developers this year

UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks

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UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks

The United Kingdom has imposed sanctions on a group of cryptocurrency exchanges, payment firms and individuals accused of helping Russia evade Western restrictions and finance its war in Ukraine, including crypto exchange Huobi.

The sanctions package from the U.K. Foreign, Commonwealth & Development Office targets 18 entities and individuals linked to what officials described as Russia’s “illicit financial infrastructure used to move funds, procure goods, and sustain its war.”

Among them are Huobi Global S.A., operator of the HTX exchange, Rapira Group LLC, Aifory LLC, Arvix LLC and Bitpapa IC FZC LLC.

HTX is one of the world’s largest crypto exchanges, with roughly $3.3 trillion in trading volume last year, according to a blog post from blockchain analytics firm Elliptic.

Elliptic said the platform is suspected of providing services to both the A7 payments network and Garantex, a Russian crypto exchange previously sanctioned by Western authorities. Garantex rebranded to Grinex earlier in the year and last month halted its operations after a $13 million “state-backed” hack.

Britain also sanctioned Open Joint Stock Company “Virtual Asset Issuer,” a Kyrgyzstan-linked company behind the USDKG gold-backed stablecoin, along with several people accused of sanctions-evasion activity, including Sergey Mendeleev, Igor Gorin, Irina Akopyan and Israeli national Liran Cohen.

The measures mark one of the country’s strongest moves yet against Russia’s use of cryptocurrencies and alternative payment systems. For the first time, the U.K. applied Regulation 17A of its Russia sanctions regime to crypto exchanges, a tool previously used against sanctioned banks.

Under the rules, U.K. financial firms and crypto service providers cannot maintain correspondent relationships with the designated entities or process payments tied to them. Companies may also need to freeze funds and trace blockchain transactions linked to sanctioned platforms.

Elliptic said the rules could require firms to trace transactions across multiple blockchain “hops,” meaning compliance checks would extend beyond direct counterparties to wallets and exchanges appearing anywhere in a transaction chain.

A major focus of the sanctions package is the Kremlin-backed A7 payments network, which British officials say helped process proceeds from Russian oil sales and supported military procurement. The U.K. says the network moved more than $90 billion last year.

Elliptic said other regulators are likely to watch closely as Britain tests a new model for applying traditional financial sanctions rules to digital asset markets.

The sanctions took effect immediately. CoinDesk has reached out to Huobi for comment but did not hear back by press time.

Stable Launches USDT Yield Vault With Theo on Morpho

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Stable Launches USDT Yield Vault With Theo on Morpho

Stable, a USDT-native blockchain, has launched StableEarn, a treasury management product designed to let USDT holders earn yield without moving outside the Stable ecosystem.

The first vault is live on Morpho.

It is curated by Gauntlet and backed by Theo’s real-world asset products.

Theo was founded by quantitative traders from Optiver and IMC and provides tokenized exposure to Treasuries, gold carry, and delta-neutral gold derivatives.

The product targets neobanks, fintechs, payment processors, and individual users holding idle USDT balances.

Stable said the vault routes USDT deposits into Theo-linked strategies including thUSD, thBILL, and thGOLD. The company said the yield comes from real-world market activity rather than token incentives.

“USDT moves more value than any other stablecoin in the world, but putting it to work always had challenges when it came to competitive yields,” Stable CEO, Brian Mehler, said in a statement shared with AlexaBlockchain.

“StableEarn changes that by bringing together institutional-grade yield and the chain built around USDT,” Brian added.

USDT yield becomes the next stablecoin battleground

The launch comes as stablecoin competition shifts from payments and liquidity into yield distribution.

USDT remains the largest stablecoin by market value. CoinDesk’s April 2026 stablecoin report said USDT had reached about $190 billion in market capitalization, with 59.2% of stablecoin market share and 73.6% of centralized exchange trading volume.

That scale has made Tether one of the biggest beneficiaries of higher interest rates.

Tether reported $1.04 billion in net profit for Q1 2026 and said it held nearly $192 billion in total assets against about $183.5 billion in liabilities. Most of its reserves were held in U.S. government-backed instruments, according to the company’s reported figures.

StableEarn is trying to redirect part of that yield opportunity toward users and institutions holding USDT.

That distinction matters.

Stablecoin issuers have historically captured the income generated from reserves. Users received the convenience of digital dollars, while issuers earned returns from Treasuries, repo markets and other reserve assets.

New U.S. stablecoin rules have made this issue more important.

The GENIUS Act, enacted in July 2025, created a U.S. framework for payment stablecoins but prohibits stablecoin issuers from paying interest or yield directly to holders. Legal analysis from Latham & Watkins noted that the law does not explicitly prohibit affiliate or third-party arrangements offering yield-bearing products.

That leaves room for products like StableEarn to position themselves as third-party yield infrastructure rather than issuer-paid interest.

The regulatory line is still evolving.

The Office of the Comptroller of the Currency has proposed rules that could expand scrutiny around issuer-linked yield arrangements, including some third-party or affiliate structures.

Morpho and Gauntlet bring DeFi risk infrastructure

StableEarn’s first vault is built on Morpho, a decentralized lending protocol that has become a popular venue for curated lending markets.

Gauntlet is serving as the vault curator.

Gauntlet began curating Morpho vaults in early 2024 and later said it was managing more than 30 vaults across Ethereum, Base and Polygon. Its role is to set risk parameters, collateral rules and market allocation logic for vaults.

That curation layer is central to the product’s institutional pitch.

Rather than sending USDT into a broad, open lending pool, StableEarn uses a managed vault structure. The aim is to provide clearer risk boundaries for fintechs and payment companies that may not want direct exposure to unstructured DeFi lending markets.

Theo brings the real-world asset side of the stack.

In July 2025, Theo announced a strategic collaboration with Standard Chartered’s Libeara and FundBridge Capital to expand access to a U.S. Treasury strategy sub-managed by Wellington Management.

Stable and Theo also committed more than $100 million to ULTRA, a Libeara-backed tokenized U.S. Treasury fund managed by FundBridge Capital and Wellington Management, according to an earlier announcement from Libeara.

That gives StableEarn a clearer link to traditional yield sources, rather than relying only on crypto-native borrowing demand.

“StableEarn is what onchain dollar yield looks like done right,” said Iggy Ioppe, CIO of Theo. “USDT-native, institutional-grade, with returns generated by real-world markets. The future of crypto is real yield from real markets, delivered natively where capital already lives.”

StableEarn shows how stablecoin infrastructure is moving beyond settlement

For years, USDT’s advantage has been liquidity.

It is widely used across exchanges, payment corridors and emerging markets. But the yield generated from the assets backing stablecoins has mostly remained with issuers or specialized institutional products.

StableEarn is an attempt to create a USDT-native yield layer for companies already using USDT as working capital.

For neobanks and payment processors, that could make stablecoin balances more productive. Instead of leaving idle USDT on exchanges or wallets, they can route balances into vaults linked to Treasuries and other market-neutral strategies.

The product also reflects a broader shift in tokenized real-world assets.

Tokenized U.S. Treasury products have become one of the fastest-growing categories in onchain finance. CoinDesk reported in March 2026 that the tokenized Treasury market had reached a record $11 billion, with Circle’s USYC growing to $2.2 billion and surpassing BlackRock’s BUIDL fund.

Ondo Finance, BlackRock, Franklin Templeton, Circle and Ethena have all pushed versions of tokenized yield or dollar-linked products.

Ondo’s USDY is structured as a yield-bearing token backed by Treasury bills and bank demand deposits, though it is not offered to U.S. citizens.

Ethena’s USDe takes a different route.

It uses a synthetic dollar model backed by crypto assets and short futures positions, with yield available through staked USDe. Its rapid rise showed strong demand for crypto-native dollar yield, although its supply has also been volatile during market cycles.

StableEarn sits somewhere between those models.

It uses USDT as the deposit asset, Morpho as the lending venue, Gauntlet as the curator, and Theo as the RWA strategy provider. That makes it less like a new stablecoin and more like a yield layer attached to the world’s largest existing stablecoin.

The opportunity is large, but so are the risks.

Tokenized Treasuries and market-neutral strategies can reduce dependence on speculative token rewards. Still, users remain exposed to smart contract risk, vault-design risk, collateral risk, liquidity risk and regulatory uncertainty.

That is why StableEarn’s institutional pitch depends less on headline yield and more on whether its risk controls, collateral disclosures and redemption mechanics can stand up during stressed markets.

The above article “Stable Launches USDT Yield Vault With Theo on Morpho” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/stable-launches-usdt-yield-vault-with-theo-on-morpho/

Read Also: Is India Moving From Crypto Uncertainty Toward a Clearer Policy Framework?

Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.

Image Credits: Shutterstock, Canva, Wiki Commons

Spanish Authorities Order Polymarket and Kalshi Blocked over Gambling Laws

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Spanish Authorities Order Polymarket and Kalshi Blocked over Gambling Laws

Spain’s gambling regulator blocked local users from Polymarket and Kalshi “as a precautionary measure” as authorities there address allegations the prediction markets platforms were in violation of gambling laws. 

On Tuesday, Spain’s Directorate General for the Regulation of Gambling (DGOJ) said the country’s Ministry of Social Rights, Consumption, and Agenda 2030 had opened legal proceedings against the two companies, as they appeared to be operating without necessary licensing. The DGOJ issued an order blocking Spanish users from Kalshi and Polymarket until the proceedings were resolved, expected in three to four months.

“The DGOJ wishes to remind the public that, in Spain — in line with other European jurisdictions — prediction markets are deemed to constitute games of chance when bets are placed on uncertain future outcomes,” according to a Tuesday notice. “Consequently, operating such markets within Spanish territory requires obtaining a specific administrative license.”

Source: Spain’s Ministry of Social Rights, Consumer Affairs, and Agenda 2030

The move by Spanish authorities follows a similar governmental ban in Indonesia, which blocked access to Polymarket on Friday after the platform listed bets on whether President Prabowo Subianto would leave office before the end of his term. Other countries, including Australia, France, Poland, Singapore, Ukraine and Switzerland, have restricted access to Polymarket over gambling concerns, with the platforms also facing US state-level crackdowns and restrictions.

Related: Kalshi valuation doubles to $22B after $1B funding round

A spokesperson for Polymarket told Cointelegraph that the platform was “committed to engaging constructively with relevant authorities in every jurisdiction.” A Kalshi spokesperson declined to comment.

Kalshi and Polymarket are two of the largest prediction markets platforms by trading volume, with combined in weekly notational volume $6.1 billion, according to DeFi Rate.

NYT report shines light on US federal response to prediction markets

On Sunday, the New York Times reported that officials at the Commodity Futures Trading Commission (CFTC) were pushed out of the agency after they voiced concerns about prediction markets like Kalshi and Polymarket.

The financial regulator, under US President Donald Trump’s hand-picked chair, Michael Selig, has taken the stance that the CFTC has “exclusive authority” over the platforms, filing lawsuits against any state authority that challenged this position.

Prediction Market Volume: Kalshi & Polymarket Aggregated Data. Source: DeFi Rate

Lawmakers on the US House of Representatives’ Oversight and Government Reform Committee announced on Friday that they had initiated a probe into Kalshi and Polymarket over insider trading concerns. Committee Chair James Comer cited reports of “suspiciously timed trades” on the platforms ahead of US military actions against Iran, allowing certain users to potentially profit from insider information.

Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

Bermuda, the tiny island nation with huge crypto ambitions

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Bermuda, the tiny island nation with huge crypto ambitions

Craig Swan’s eyes light up, and his smile widens when he speaks of Bermuda’s ambitions to become the world’s first economy to go fully onchain, a move he is certain will create amazing new opportunities for the country’s citizens.

In an interview with CoinDesk in London, Swan, the CEO of Bermuda’s Money Authority (BMA), spoke of his tiny island nation’s huge plans.

“We carried out a huge event in Bermuda to educate our citizens on how to set up their crypto wallet, and we airdropped $100 in Circle’s stablecoin USDC, and showed them how to use it for purchases, transfer or send it to friends and family or convert it and even offramp it into fiat if they chose to,” Swan said.

The experiment was designed to onboard local vendors and the public simultaneously, Swan added. Attendees were able to immediately test the ecosystem at an on-site marketplace, using their newly minted stablecoins to purchase goods, while payment processors like MoneyGram provided immediate conversion back into paper currency.

Driving demand at the DMV

While the pop-up marketplace served as a sandbox, the BMA and the government of Bermuda are already scaling the infrastructure to prepare it for the blockchain. The island nation has amended its legislation to officially accept digital assets for public taxes, starting with its highest-volume public sector.

“We are starting at a high-volume area,” Swan explained. “Starting with the Department of Motor Vehicles, because most people have a car or licenses. We are going to cast that across the government itself.”

The financial migration represents the real-world execution of a roadmap first unveiled at the World Economic Forum in Davos, where the Bermudan government announced a partnership with Circle and Coinbase to build out the infrastructure for the world’s first fully onchain economy. Circle deployed its Circle Mint infrastructure to power the government’s digital treasury accounts, while Coinbase pledged its engineering rails to streamline institutional and consumer onboarding.

Bermuda also recently announced a third major partnership. This time with Stellar for the upcoming rollout of its official Bermuda digital dollar, a sovereign-grade stablecoin. Rather than compete with the traditional financial sector, Swan said he expects the onchain rails to coexist with legacy banks, which will continue to hold the fiat reserves backing the digital tokens and provide localized custody.

“The reliance on legacy payments infrastructure has left Bermudians paying high fees and hindered additional economic growth,” Premier E. David Burt noted following the Stellar announcement. By leveraging blockchain rails, Bermuda is attempting to bypass the expensive intermediary banking loops that chew up thin merchant margins, keeping capital circulating natively on-island.

However, moving a national economy onto a blockchain requires rewriting more than just banking rules, said Swan, noting that it requires changing the definition of property.

“When you look at contract law, and if you look at securities, in some cases, it’s not clear whether or not a smart contract satisfies a legal transfer of ownership,” Swan observed. “We have to look at the legislation to make sure that it’s aligned. I think there are a few tweaks the island needs to make around shares—the way legislation records a share register needs to be clear that it can exist in a digital form.”

Regulating the AI agent wave

Bermuda’s testing programs have historically yielded massive macroeconomic results, Swan said. The island currently ranks among the world’s top three largest reinsurance centers. The government is betting that its regulatory framework, the Digital Asset Business Act (DABA), can achieve the same global footprint for tokenized real-world assets (RWAs) and decentralized finance (DeFi).

To prove it, Swan said the BMA recently concluded a pilot program focused on embedding compliance directly inside smart contracts. The trial successfully demonstrated that protocols could automatically freeze a transaction if underlying collateral reserves fell below a specific threshold or block and exchange entirely if an address violated real-time anti-money laundering or sanctions screening.

To address these risks, Swan said the BMA is already looking beyond human traders to digital liquidity generated by automated machines. With that, he said, the BMA plans to roll out an AI payments hub to research and supervise transactional flows initiated entirely by autonomous software.

For larger G20 nations, scaling such an ambitious ledger remains a multi-year regulatory bottleneck. For Bermuda, its small population is its primary geopolitical advantage.

“Smaller jurisdictions with the resources will be able to follow us,” Swan concluded, offering advice to other sovereign states looking to digitize their financial architecture. “Larger jurisdictions would have to take a different train. But to attract companies that are serious, it’s best not to race to the bottom.”

Ripple-linked blockchain could close its biggest DeFi gap if new proposal passes

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Ripple-linked blockchain could close its biggest DeFi gap if new proposal passes

One of the XRP Ledger’s biggest weaknesses as a DeFi venue might be on its way out.

A draft amendment titled “AMM Swappable Curves” was filed on the XRPL standards repository Tuesday, proposing to extend the network’s existing automated market maker with three pluggable curve types — constant product, concentrated liquidity, and StableSwap.

A fourth, fully programmable curve type called Smart AMM is reserved for a follow-up specification. AMMs refer to automated market makers, a type of decentralized exchange where trades happen against a pool of deposited tokens rather than between buyers and sellers.

The proposal was authored by XRL core developers Denis Angell and Roman Thpt and would require a separate amendment vote before activation. For now it is still in draft.

What it would do is let liquidity providers on the XRPL choose how their pool prices assets. The current setup spreads liquidity uniformly across every possible price, which is fine for volatile pairs but burns capital for stablecoin pairs and correlated assets.

Concentrated liquidity lets liquidity providers (or users that supply their tokens to a protocol in exchange of capturing a share of fees) target a narrow band where most trades actually happen, which produces far more usable depth per dollar deposited. StableSwap is built for assets that trade near 1:1, like dollar-pegged stablecoins or wrapped representations of the same asset.

The XRPL has been quietly building institutional tokenization volume — over $3 billion in tokenized real-world assets currently sit onchain, including a Ripple-JPMorgan pilot earlier this month processing a tokenized U.S. Treasury redemption in under five seconds.

But moving institutional capital onchain is one leg of any financial strategy. Letting that capital earn yield, get borrowed against, or trade efficiently against other tokenized assets requires DeFi rails that actually work for the task.

Concentrated liquidity in particular has become the standard for capital-efficient AMMs across major DeFi ecosystems, with around 60% of AMM volume now running through some version of it, per the proposal’s own data citations. XRPL’s current AMM has been missing that since launch in 2024.

The amendment also keeps existing pools untouched. Pools created before the new curves activate stay on the constant product model with no migration required. Pool creators picking from the new menu would do so at creation time, with the curve type locked in for the life of the pool.

XRP traded at $1.34 in U.S. morning hours Tuesday. Whether the AMM upgrade lands in time to compound the institutional narrative depends on the amendment process, which can stretch for months and is not guaranteed to pass.

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