Meta is to increase spending more than sixfold on an AI data center in El Paso, raising the price tag to more than $10 billion.
When the Texas facility was originally announced in October, Meta said it would constitute an investment of $1.5 billion.
Part of the cost inflation comes from Meta’s pursuit of more compute. The company confirmed via a blog post that the center “will grow to one gigawatt” — a leap from its previous assertion that it would merely “have the ability” to scale to this.
The facility — due to come online in 2028 — will ultimately support more jobs once completed, from around 100 to more than 300. Similarly, the number of construction workers required has rocketed, from 1,800 to 4,000.
The announcement was accompanied by renewed commitments to ensure that the 1.2 million square foot site will not be a drain on the local area’s energy resources.
“Since breaking ground last year, we have been proud to call El Paso home and are committed to being a good neighbor,” the blog post stated, underlining that Meta will add more than 5,000 megawatts of clean energy to the grid. It also pointed out that thanks to the use of a closed loop, liquid-cooled system that recirculates water, its water consumption will be comparable to that of a typical West Texas golf course.
Related:Bezos’ Blue Origin joins race to put AI data centers in space
However, it’s the jump in expenditure that will attract headlines, particularly at a time when the company is already under increased scrutiny due to the sheer cost of its AI ambitions.
The company’s most recent earnings report in January revealed that capital expenditures in 2026 could reach $135 billion, driven by Meta’s ongoing efforts to build up the compute infrastructure needed for AI rollout.
At the same time, CEO Mark Zuckerberg said that 2026 would be a landmark year for AI within the business, leading to a “flattening” of teams beause “projects that used to require big teams [can] now be accomplished by a single very talented person.”
The realities of this appear to be coming home to roost, with a first wave of job cuts under way. The company confirmed to The Register that 700 roles will be axed initially. “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” the company said in a statement.
At the same time as AI infrastructure costs are soaring, Meta share prices are dropping, with an immediate fall on Thursday in the wake of a California court case that found the company had harmed a young user with addictive social media design features — sparking fears of more lawsuits.
Related:Nscale Valued at $14.6B After Raising Another $2B
Bitcoin (BTC) dropped toward $67,000 during the European trading session on Friday despite an increase in long-term buying. Exchange withdrawals also increased to 16-month highs, suggesting reduced “immediate selling pressure,” a new analysis said.
Key takeaways:
Bitcoin withdrawals from exchanges increases, reducing BTC available for sale.
Long-term holders accelerate accumulation, adding 155,450 BTC over the past 30 days.
Bitcoin analysts view $65,000–$66,000 as a potential support zone for a bounce.
Bitcoin supply tightens as long-term buying accelerates
CryptoQuant’s exchange flow data highlighted “renewed signs of supply tightening,” as large Bitcoin withdrawals continue across major exchanges.
The chart below shows that investors withdrew nearly $1.6 billion of BTC from Bitfinex on March 16, as shown by the orange bar in the chart below.
Related: Bitcoin floor ‘near $70K’ as TradFi returns: Will war, inflation break their belief?
Since then, the trend has expanded across other major exchanges, with a $678 million withdrawal from OKX on Sunday, a $728 million withdrawal from Kraken on Monday, and another $400 million in BTC leaving Binance on Wednesday.
“This pattern suggests that the latest wave of withdrawals is no longer isolated to one platform,” CryptoQuant analyst Amr Taha said in his latest QuickTake analysis.
Bitcoin exchanges netflow, $. Source: CryptoQuant
The figures support the latest data showing Bitcoin whales and sharks have been accumulating over the last two months, a pattern that could trigger an eventual breakout from the range.
Other data also reflects an accumulation phase, as long-term holders (LTHs), investors who have held Bitcoin for more than 155 days, ramped up buying.
The LTH net position change has been positive since March 5, as about 155,450 BTC has been bought over the past 30 days.
In other words, holders are buying more on the dips, including the latest one below $68,000.
Bitcoin: LTH net position change. Source: Glassnode
When Bitcoin leaves exchanges while LTHs expand their positions, it “usually signals lower immediate sell pressure and stronger conviction from investors with a longer time horizon,” Amr Taha said.
If this trend continues, the market could be entering another phase where tightening sell-side liquidity and stronger LTH demand “create a more supportive backdrop for price,” the analyst added.
Bitcoin price to revisit $65,000 before bounce
As Cointelegraph reported, $70,000 remains the key for the Bitcoin bulls and that losing it could trigger the next leg down.
The BTC/USD pair was trading below $67,000 at the time of writing, below the 50-day simple moving average (SMA) and the 200-week exponential moving average (EMA).
Bears will attempt to push the price toward the $65,000-$63,300 demand zone, with a deeper focus on the range low below $60,000, reached on Feb. 6.
“It’s quite clear that there’s not enough strength for the markets to move higher after that rejection at $75K,” MN Capital founder Michael van de Poppe said in a recent X post.
An accompanying chart suggested that the price was seeking to print a higher low within the $65,000 to $66,000 range, failing which “we’ll start to see an acceleration downwards,” van de Poppe said, adding:
“I would be looking at longs in the lower-$60K range.”
BTC/USD daily chart. Source: Michael van de Poppe
The Glassnode liquidity heatmap highlighted “stronger” whale bid orders near $65,000, suggesting that the BTC price could retest this area before a bounce.
Bitcoin whale orders. Source: CoinGlass
As Cointelegraph reported, a break and close below the ascending trend line at $68,000 could result in Bitcoin price dropping toward $60,000, where it could consolidate next.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Cryptoquant Says Bitcoin Treasury Summer Is Over Outside Strategy
The data reveals a stark split in the corporate bitcoin market. Strategy‘s buying represents its highest 30-day purchase volume since April 2025. Every other publicly traded company holding bitcoin in treasury has, by comparison, nearly stopped buying.
Cryptoquant researchers tracked the collapse in detail. Non-Strategy treasury companies purchased a combined 1,000 BTC in the last 30 days—a 99% decline from the August 2025 peak of 69,000 BTC. Their share of total corporate bitcoin purchases has fallen to 2%, down from 95% in October 2024.
Participation breadth has also narrowed. Companies outside Strategy made 13 separate bitcoin purchases over the past 30 days. At the height of what Cryptoquant called “ Bitcoin Treasury Summer” in August 2025, that figure stood at 54. The number of active buyers has dropped by 76%.
Strategy’s buying cadence, by contrast, has stayed steady. The company has consistently executed four to five purchases per 30-day period, a rhythm that has held even as peers have stepped back.
The gap in holdings has widened accordingly. Strategy has added 90,000 BTC to its balance sheet so far this year. All other treasury companies combined have added a net 4,000 BTC over the same period. Their collective share of total treasury-company holdings fell from 26% in November 2025 to 24% today.
Strategy now holds approximately 76% of all bitcoin held by publicly listed treasury companies, according to Cryptoquant. The company’s total holdings stand at 762,099 BTC.
The next two largest holders are not close. According to bitcointreasuries.net, Twenty One Capital—ticker XXI—holds 43,514 BTC, placing it second globally and ahead of MARA Holdings, which recently sold 15,133 BTC to retire $957 million in zero-coupon convertible notes. MARA now holds 38,689 BTC.
Metaplanet Inc., the Japan-based firm trading under MPJPY, holds 35,102 BTC and sits fourth. Bitcoin Standard Treasury Company holds 30,021 BTC in fifth place, per bitcointreasuries.net data.
Cryptoquant notes that XXI and Metaplanet together account for just 4.3% and 3.5% of total treasury-company BTC holdings, respectively. The rest of the sector divides a shrinking slice.
The pattern points to a bitcoin treasury sector that has consolidated around a single dominant buyer. Strategy continues to grow its position at scale. The companies that followed its model in 2025 have, for now, stopped following its pace.
Whether that reflects balance sheet constraints, shifting capital priorities, or broader caution about bitcoin at current prices is not specified in the Cryptoquant data. What the numbers show is straightforward: one company is buying, and the rest are waiting.
FAQ 🔎
What is Strategy’s current bitcoin treasury holding? Strategy holds 762,099 BTC, representing approximately 76% of all bitcoin held by publicly listed treasury companies.
Why did MARA Holdings drop in the bitcoin treasury rankings? MARA sold 15,133 BTC to repurchase $957 million in zero-coupon convertible notes, reducing its holdings to 38,689 BTC.
How much bitcoin has Twenty One Capital accumulated? Twenty One Capital holds 43,514 BTC, making it the second-largest public bitcoin treasury company globally, per Bitcointreasuries.net.
Are other companies still buying bitcoin for their treasuries? Corporate bitcoin purchases outside of Strategy have fallen 99% from their August 2025 peak, with just 1,000 BTC bought collectively in the last 30 days.
Summer Mersinger from the Blockchain Association told a House Financial Services Committee hearing that DeFi systems should receive tailored regulatory treatment distinct from intermediary-based compliance regimes.
Summer Mersinger of the Blockchain Association testified before the House Financial Services Committee on Wednesday, advocating for regulatory differentiation between DeFi protocols and traditional financial intermediaries. Mersinger stated that DeFi systems should receive “appropriately tailored equivalent consideration by the SEC” rather than being subjected to intermediary-based compliance frameworks, to preserve their role as open, neutral infrastructure while maintaining oversight of activities presenting traditional financial risks.
The statement reflects ongoing efforts by the crypto industry to shape SEC policy around DeFi regulation. The distinction between infrastructure and intermediaries has become a focal point in broader debates over how financial regulators should approach decentralized protocols versus centralized service providers.
Sources: Blockchain Association (@fund_defi)
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Bitcoin and Ethereum prices are struggling with bearish performance as the broader cryptocurrency market flips notably into the negative territory. Nonetheless, with key upcoming events, the market is expected to experience a major shake-up that could either lay the foundation for an upward move or a downside move.
Massive Bitcoin And Ethereum Options Expiry To Shake Markets
A major derivatives event regarding Bitcoin and Ethereum, the two leading digital assets, is poised to put the cryptocurrency market on edge. While the broader market is struggling to gain stability, billions worth of options tied to BTC and ETH are scheduled to expire today.
Crypto expert and investor Milk Road recently announced on the X platform that $16.4 billion in BTC and ETH options are up for expiry. Such large-scale expiries frequently serve as triggers for volatility, as traders modify positions, unwind hedges, and respond to changing conditions across the market.
According to the expert, this event set to take place today is one of the largest single-day options expiries of the year. With a large percentage of open interest centered on important price points, the short-term direction and liquidity circumstances may be impacted by this expiry’s outcome.
Source: Chart from Milk Road on X
Historically, options expiry at this massive scale leads to the formation of what traders call max pain. Specifically, this is where the price point is at which market makers lose the least, and the majority of contracts expire worthless. As expiry moves closer, prices are expected to be pulled toward this level.
Milk Road flags this event as a gravitational effect, with $16.4 billion expected to create a lot of gravity. Soon, Bitcoin and Ethereum are likely to be in a phase of tug of war as options holders and spot traders compete for positions in today’s event.
Here’s What To Expect Following The Event
As the event approaches, Milk Road has mapped out the potential outcome. While Bitcoin takes the bulk portion of the $16.4 billion notional exposure, Ethereum also accounts for a meaningful chunk. Thus, both assets could swing hard in either direction prior to when the bell rings, and those with active unhedged spot into expiry will be taking on extra risk.
After the event, $16.4 billion in open interest will be taken out, and the max pain gravity disappears with it. In that scenario, the market is likely to decide its next move. However, post-expiry direction hinges on where the spot is positioned when the noise clears.
If Bitcoin and Ethereum were suppressed into the event today, the release could serve as a trigger for sustained upward movement. Meanwhile, in an opposite scenario where both assets have been running hot, the unwind could be painful, making this event crucial for the market.
BTC trading at $68,786 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Institutional Capital Accelerates Crypto Integration as Allocations and Product Access Rapidly Expand
Institutional capital rotation into crypto markets is accelerating, with Bitwise CEO Hunter Horsley signaling a transition from anticipation to active deployment. He framed the shift as a near-term inflection point driven by sustained inflows and expanding participation from large allocators. The executive expressed on March 27 via social media platform X:
“The ‘institutions are coming’ phase is about to be over. They’re here, or arriving shortly.”
He pointed to visible allocation activity already underway across the sector. “Countless are already in crypto. And another big batch will be in the next 6 months,” the Bitwise CEO stated.
Horsley recently highlighted underlying data reinforcing this shift in positioning among professional investors adjusting portfolio exposure. He referenced a Coinbase Institutional survey of 351 firms, released last week, which showed 74% expect higher prices over the next 12 months, while 73% plan to increase allocations. Capital concentration is also deepening, with 29% targeting portfolio weights above 5% by 2026, reflecting a move from exploratory exposure toward strategic allocation tiers.
Surveys Show Growing Confidence Among Advisors and Firms Ahead of Broad Financial Adoption
Parallel trends among financial advisors point to expanding distribution alongside institutional demand. The Bitwise/VettaFi 2026 survey found 32% allocated to crypto in 2025, up from 22%, while 56% reported personal ownership. Allocation depth is also increasing, with 64% of crypto portfolios exceeding 2% exposure and 42% of advisors now able to transact crypto for clients. “ Crypto’s future has always depended on what financial advisors think of it,” Bitwise Chief Investment Officer Matt Hougan said.
Broader adoption timelines extend beyond immediate inflows, reflecting structural changes across financial services. “ Crypto is becoming an institutional asset class,” Horsley stated last week, linking survey trends with long-term infrastructure development.
Market positioning increasingly reflects integration into mainstream finance rather than isolated participation cycles. Underscoring how institutional frameworks and capital deployment continue to expand in parallel, the Bitwise chief predicted in January:
“By the end of 2026, most major financial institutions will be in crypto with products and services. The space is hurtling toward the mainstream.”
FAQ 🧭
Why are institutions increasing crypto exposure? Rising confidence in returns and infrastructure is driving larger allocations.
How significant is advisor participation in crypto markets? A growing share of advisors are allocating client portfolios and gaining access.
What role do surveys play in understanding crypto trends? They reveal strong bullish sentiment and planned allocation increases.
What does institutional adoption mean for crypto markets? It signals deeper integration into mainstream financial systems and long-term growth.
Pay360 has become a cornerstone of the payments industry, fostering a community of professionals who return year after year and the attendees were asked at the latest iteration, “How many Pay360 events have you attended?” their responses painted a picture of both deep-rooted loyalty and exciting new beginnings in within the payments industry.
For many of the attendees, Pay360 is an annual tradition as some attendees have been present since the very beginning, noting they were there for the inaugural show three years ago and have not missed one since. Others, however, boast an even longer history with the event; one veteran mentioned they have been attending since roughly 2015, highlighting the event’s long-standing relevance in the sector. This consistent attendance is common, with several participants noting they have been coming for the past four years.
The transition from attendee to exhibitor is a recurring theme which underscores the event’s value with one participant shared that while this was their third year participating, it marked their first time actually exhibiting with a booth. Another explained their evolution over four years: they attended the event solely for networking opportunities, but the tangible impact and growth of the event led them to book a booth annually and this “growing with the event” sentiment is a testament to Pay360’s increasing influence.
While the event retains its veterans, it continues to attract fresh faces as newcomers expressed high levels of excitement about experiencing their first Pay360, proving that the event remains as vibrant for first-timers as it does for those who have seen seven or eight iterations.
Investment bank Morgan Stanley is seeking to launch its spot Bitcoin exchange-traded fund at a 0.14% fee, which would make it the cheapest in the US market and potentially force rivals to cut fees to stay competitive.
The 0.14% fee, proposed in Morgan Stanley’s latest S-1 registration statement on Friday, would be one basis point below the Grayscale Bitcoin Mini Trust ETF (BTC), currently the cheapest in the US market, and 11 basis points below the BlackRock-issued iShares Bitcoin Trust ETF (IBIT).
“Big move here. They are not messing around,” Bloomberg ETF analyst James Seyffart said, predicting that the Morgan Stanley Bitcoin Trust (MSBT) is “likely to launch in early April.”
Source: James Seyffart
Fellow Bloomberg ETF analyst Eric Balchunas said the low fee means that none of Morgan Stanley’s roughly 16,000 financial advisors — which manage $6.2 trillion in client assets — would feel conflicted in recommending the product to its clients.
Given that spot Bitcoin ETFs track the price movements of Bitcoin (BTC), Morgan Stanley’s ultra-low fee could spark a fresh fee war in the $83 billion market, putting immediate pressure on rivals to cut costs or risk losing assets.
Regulatory approval would make Morgan Stanley the first bank to issue a spot Bitcoin ETF, expanding access to Bitcoin exposure for millions of its high-net-worth clients.
“They are the ultimate gatekeepers of rich boomer money,” Balchunas added.
Morgan Stanley previously selected Coinbase and Bank of New York Mellon as the proposed custodians for its Bitcoin ETF.
Morgan Stanley seeking suite of crypto ETFs, banking charter
Morgan Stanley, previously one of the more crypto-hesitant Wall Street firms, filed for the spot Bitcoin ETF in the first week of January, along with a Solana (SOL) ETF.
Related: Bitcoin traders see 53% odds of sub-$66K BTC by April 24
It then filed papers for a staked Ether (ETH) ETF later that week, and by the end of the month, the bank appointed one of Morgan Stanley’s longest-standing executives, Amy Oldenburg, to lead its digital asset team.
Source: James Seyffart
Morgan Stanley also applied for a national trust banking charter on Feb. 18, seeking to custody certain digital assets and execute purchases, sales and swaps for clients in addition to staking services.
In October, before the investment bank adopted its institutional crypto strategy, it recommended a 2% to 4% allocation to crypto portfolios for investors. It also allowed its financial advisors to recommend crypto funds to clients with individual retirement accounts (IRAs) and 401(k)s.
Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
California public officials are banned via executive order from using inside information to make money on prediction markets.
The ban extends to state officials and appointees using information to help others from profiting, as well.
The order follows continued scrutiny from Democratic lawmakers that have claimed Trump insiders are profiting from proximity.
California is joining the crackdown on prediction market insider trading.
Democratic Governor Gavin Newsom signed an executive order, effective immediately, that prohibits public officials and decision-makers in the state from using inside information to profit via prediction markets.
“Public service should not be a get-rich-quick scheme,” said Newsom in a statement.
“At a time when Trump’s Washington is riddled with ethical failures and insider profiteering, California is drawing a bright line: If you serve the public as a political appointee, you serve the public—period,” he said, adding that his state wouldn’t “tolerate this kind of corruption.”
The move also prohibits appointees and officials from using inside information to help others—like children, spouses, and business partners—to profit from inside information.
Newsom’s executive order comes amid increasing scrutiny surrounding insider trading and prediction markets, particularly from Democrats. Earlier this month Democratic lawmakers introduced the BETS OFF Act, a federal bill that would ban prediction markets focused on war and other specific topics.
Those types of markets, the lawmakers claim, have been profited on by those close to the Trump administration. Newsom, too, highlighted concerns that those in President Trump’s “orbit are exploiting confidential information for their own personal gain.”
“We shouldn’t live in a country where government officials or well-connected people can make money off of secret information that is supposed to be used in the public interest,” Rep. Greg Casar (D-TX) said at the time of the BETS Off Act’s introduction.
Both highlighted the events surrounding the January capture of Venezuelan leader Nicolas Maduro, where the suspicious timing of a user’s trades—just hours before intervention—led to more than $430,000 in profits on Polymarket and allegations of insider trading.
Insider trading issues have been apparent elsewhere ,as well. Two Israelis were arrested for making trades on Polymarket using inside information they had about military secrets. Plus, a video editor for MrBeast was fined and suspended by Kalshi—and later fired from his job at Beast Industries—for using inside information to trade markets about what the YouTube personality would say in videos.
The platforms are aware of the implications, especially as legislation and executive orders start to pile up. This week, the two major startups took steps to address issues related to insider trading, with Polymarket improving rules on market integrity while Kalshi implemented preemptive screening to ensure that politicians can’t make trades on associated markets.
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Enertoken, developed by Justoken for YPF Luz, launched with over $800 million in tokenized energy assets on XRPL.
YPF Luz, the electricity subsidiary of Argentina’s largest energy company, has partnered with Buenos Aires-based blockchain infrastructure company Justoken to launch an energy tokenization platform built on XRP Ledger (XRPL), the firms announced earlier this month.
The platform, dubbed Enertoken, tokenizes, commercializes, and manages electricity contracts via XRPL, the public blockchain originally developed by Ripple Labs, which remains a core contributor. Meanwhile, Justoken recently emerged as the largest real-world asset (RWA) tokenization platform on XRPL by total value.
Per the announcement, the new platform from YPF Luz, developed by Justoken, is aimed at corporations and large energy consumers to help manage everything from consumption tracking, to billing, to contract execution, “fully supported by tokenized energy assets recorded on blockchain.”
Martín Mandarano, the CEO of YPF Luz — the parent company of which has had a turbulent history of state and private ownership — was quoted as saying in the announcement:
“The integration of tokenized energy assets allows us to optimize processes, enhance traceability, and deliver greater transparency to our clients, reinforcing YPF Luz’s innovative profile within the energy sector.”
Justoken’s Quiet Dominance
In what the companies are calling the project’s initial phase, Enertoken launched with over $800 million in tokenized energy assets on XRPL, per the announcement, evidently referring to Justoken’s tokenized energy fund, JMWH.
Justoken’s JMWH, which, per RWAxyz, represents real megawatt-hours (MWh) of energy, backed by energy producers in Latin America, quietly become the largest tokenized asset on XRPL by total value when it launched in mid-January with over $861 million on-chain. Meanwhile, Justoken has another $832.3 million in various other tokenized commodities on Polygon.
Represented asset value on XRPL by asset. Source: RWAxyz
As of today, March 26, JMWH’s total asset value still stands at $861 million — representing nearly 57% of all so-called represented asset value on XRPL, and a nearly 45% market share of all tokenized RWA platforms on the network.
Per RWAxyz, “represented asset value” refers to tokenized assets that exist on a blockchain but cannot be distributed or transferred on-chain — they represent a real-world commitment recorded on-chain, not freely tradable tokens.
Represented vs Distributed RWAs
Luke Judges, Partner Director at RippleX, Ripple’s open developer platform, explained to The Defiant why JMWH falls into RWAxyz’s “represented” asset category, rather than “distributed” — a distinction that indicates how these assets are used on-chain, stating, “‘represented’ assets operate within more controlled environments, often reflecting regulatory or contractual requirements.”
In JMWH’s case, the tokens operate under Argentina’s capital markets regulator Comisión Nacional de Valores (CNV)’s regime for Virtual Asset Service Providers (PSAVs), with issuance, allocation, delivery, and retirement all tied to contractual obligations. This, Judges argues, explains why Justoken opted for a “closed loop approach.”
“The blockchain serves as a verifiable record of ownership and fulfilment rather than a trading venue,” Judges added.
He also noted that represented assets on XRPL are “an important starting point for many institutional use cases, with distributed assets playing a larger role as liquidity, infrastructure, and regulatory clarity continue to evolve on XRPL.”
Selecting XRPL
Ariel Scaliter, co-founder and CTO of Justoken, told The Defiant that the choice of XRPL was deliberate on multiple fronts, citing speed and scalability for teams building on the blockchain network:
“XRPL was selected for several strategic reasons. First, its institutional quality stands out. Many companies in the energy ecosystem are publicly listed, which aligns with the profile of counterparties involved in this type of business.”
Scaliter also cited the ability to build quickly on the XRPL EVM Sidechain before migrating to the mainnet, and flagged Ripple’s institutional legitimacy, as well as custody as a critical infrastructure consideration. He told The Defiant:
“XRPL, alongside contributions from Ripple, is well positioned to attract institutional investors. This global credibility and trust are essential for high-stakes, regulated use cases like energy tokenization.”
RippleX’s Judges elaborated on the architecture: “Justoken was looking for a way to bring renewable energy credits onchain that could support both traceability and automated compliance for corporate clients, while still fitting within existing custodial structures.”
YPF Luz and Its State-Backed Parent
YPF Luz is the power generation subsidiary of YPF (Yacimientos Petrolíferos Fiscales), Argentina’s majority state-owned oil and gas company. The nation’s largest crude producer was originally established over a hundred years ago as Argentina’s state oil company, but was privatized in 1999 and purchased by Spanish energy giant Repsol.
In 2012, Argentine President Cristina Fernández de Kirchner renationalized YPF, ousting Repsol after a dispute over slumping oil output and investment, Bloomberg reported at the time. Argentina’s Congress nationalized YPF through an overwhelming lower-house vote, clearing the way for President Fernández to sign the bill into law, per Reuters.
RWA Surge
XRPL has been steadily building its RWA credentials, and now has $1.5 billion in represented asset value on chain, and over $404 million in distributed asset value, per RWAxyz.
In late 2024, Ripple announced plans to tokenize the first-ever money market fund on XRPL, collaborating with UK-based digital securities exchange Archax and global investment firm Abrdn, as The Defiant reported. Last March, Ondo Finance deployed its tokenized short-term U.S. Government Treasuries product (OUSG) on the XRP Ledger, aiming to bring it to XRPL’s institutional user base.
Zooming out, the broader tokenized RWA market tripled from roughly $5.5 billion to $18.6 billion over the course of 2025, per The Defiant’s year-end analysis.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
