LATEST: Bitfinex Securities has resumed issuing USDT-denominated tokenized bonds on Bitcoin's Liquid Network, targeting raises above $10 million.

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Genius Terminal, the trading terminal advised by CZ, posted that propAMMs (proprietary market-making AMMs) are the future of EVM. It also announced a partnership with Wintermute to route USDT-BNB trades to the first live propAMM on BNB Chain, claiming USDT-BNB swaps will be about

JUST IN: Masumi Founder Patrick Tobler says Circle's official documentation has a step-by-step tutorial to build the USDC ⇄ USDCx bridge on #Cardano $ADA, allowing anyone to integrate it directly into their applications.

Tether and the City of Lugano commit up to CHF 5M ($6.3M) to expand their Bitcoin initiative, aiming to position Lugano as a global digital infrastructure hub. The program builds on 400+ merchants already accepting $BTC and $USDT.

WATCH: @Stable CEO Brian @mehler on banking fears says, They’ve had a cornered market for years, and now they see disruption coming. #LONGITUDE HK

That’s the headline view. The full report goes much deeper into liquidity concentration, leverage structure, and exchange risk. Read it here

Crypto Lending CeFi lending in 2025 was highly concentrated. Tether dominated with a ~$17B loan book, the majority of outstanding balances backed by secured, over-collateralized lending. Second tier: Maple, Galaxy & Nexo, each at ~$1.7 - 2.0B.

Regional Leaders Regional exchange leadership is highly concentrated 🇰🇷 KRW: Upbit & Bithumb dominate 🇹🇷🇯🇵🇵🇱: Binance leads TRY, JPY & PLN 🇧🇷 BRL: Binance leads, but competition is rising 🇪🇺 EUR: Most competitive (Kraken & Binance on top) 🇬🇧 GBP: Kraken × Coinbase duopoly

Exchange Transparacy & Proof-of-Reserve (PoR) Exchanges are ranked on transparency, audit quality, and reporting integrity. The standout - KuCoin leads with 96.7 (A+), backed by public wallet disclosures, monthly Merkle tree reports, and third-party attestations.