Ethereum Foundation Sells 10,000 ETH to SharpLink in First-Such OTC Deal

Centrifuge, a tokenized asset platform, has announced its expansion of services on the Solana blockchain, starting with the $400 million tokenized U.S. Treasury fund managed by Anemoy (JTRSY).
This expansion is based on Centrifuge’s token standard, known as “deRWA tokens,” which enables token holders to freely transfer and use tokenized instruments across decentralized finance (DeFi) protocols.
The deJTRSY token can now be swapped, lent, or used as collateral on Solana DeFi platforms like Raydium, Kamino, and Lulo, allowing Solana users to earn yield from short-term Treasuries.
This move highlights the increasing presence of Solana in the tokenized real-world asset (RWA) space, which brings traditional financial instruments onto the blockchain. According to projections by Boston Consulting Group and Ripple, the tokenized asset market could reach $18.9 trillion by 2033.
Recently, the Solana Foundation partnered with blockchain tech firm R3 to bring real-world assets to Solana, and a tokenized fund of Apollo credit assets issued by Securitize is also being introduced to Solana-based DeFi protocols.
Centrifuge’s CEO, Bhaji Illuminati, emphasized the importance of giving real-world assets utility onchain and making them usable across the DeFi ecosystem.
Overall, these developments showcase the growing interest and adoption of tokenization efforts on Solana, especially within the traditional finance sector.
For more information, learn about Major TradFi Institutions pursuing Tokenization Efforts on Solana.

A federal judge decided to halt a lawsuit involving 18 state attorneys general and a decentralized finance lobbyist group against the U.S. Securities and Exchange Commission (SEC) on Wednesday, in light of the SEC’s new leadership.

The state attorneys general, who are all Republicans, filed the lawsuit alongside the DeFi Education Fund in November following Donald Trump’s victory in the 2024 presidential election. They claimed that the SEC had overstepped its authority by suing crypto exchanges. In a recent filing, the SEC hinted that the new agency chair, Paul Atkins, could bring an end to the legal action.

The judge instructed the parties to submit a joint status report within 30 days and paused all deadlines for 60 days.

Initially, the lawsuit argued that the SEC’s enforcement actions were encroaching on the jurisdiction of state regulators over digital asset firms in their respective states. The lawsuit highlighted the different regulatory approaches taken by states to oversee digital assets, emphasizing the need for clear and manageable regulatory frameworks.

Congress is anticipated to address market structure legislation pertaining to federal regulators’ oversight of crypto this year, with key committees already conducting hearings on the matter.

Meanwhile, the SEC has dropped investigations and lawsuits against more than a dozen companies and put lawsuits against others on hold.

In a separate development, a lawsuit filed by the DeFi Education Fund, the Texas Blockchain Council, and the Blockchain Association against the Internal Revenue Service (IRS) was also withdrawn. This lawsuit contested the IRS’ DeFi broker rule as exceeding the agency’s authority.

Last week, President Trump signed a resolution nullifying the IRS’ DeFi broker rule under the Congressional Review Act, marking his first legislative action related to crypto as president. Following this development, the parties involved in the lawsuit stated that the legal action had become “moot” and no longer necessary.

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis.

South Korea has long been known for its outsized influence on altcoin markets, from the XRP mania that drove a 400% rally last year to the present-day obsession with a token that proudly calls itself USELESS.

The USELESS phenomenon has ties to South Korean KOLs, Bradley Park, a Seoul-based analyst with DNTV Research, shared in an interview.

At the center of everything is Yeomyung, a Korean KOL and liquidity provider who aped into USELESS early, held through a 50% drawdown, and is now sitting on serious paper gains.

Park noted that his early conviction has inspired copy-trading among Korean retail investors. Even wallets tied to insiders on Solana’s Jupiter JUP are holding. The rise of USELESS reflects a broader evolution in Korean market behavior.

Another character in this story is Bonk Guy, an early promoter of BONK, who reappeared to tweet enthusiastically about USELESS after the price rebounded, though some Korean traders, including Park, have questioned his sincerity.

Park pointed to the rise of Hyperliquid, Kaia, and now Solana-based memecoins like USELESS as evidence that Korea is no longer a secondary market.

While XRP’s rally was underpinned by legal clarity in the U.S., USELESS feels like a reflection of where attention and exhaustion are flowing in today’s market, Park said.

With no roadmap, no utility, and no pretense of building something bigger, it taps into a kind of memetic disillusionment: a collective shrug at traditional crypto promises, and an ironic bet on nothingness that appears to be more honest than many tokens claiming to change the world.

Trump Endorses GENIUS Act

President Donald Trump on Tuesday endorsed the GENIUS Act in a Truth Social post following its bipartisan passage in the Senate, calling it a major step toward U.S. leadership in the digital asset sector.

Trump urged the House of Representatives to pass the bill “lightning fast” and without amendments, stating it should be sent to his desk with “no delays, no add-ons.”

The message signals strong executive support for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which introduces reserve and compliance requirements for dollar-backed stablecoin issuers.

Trump framed the legislation as key to enabling “massive investment” and “big innovation,” positioning the U.S. as a global leader in digital assets.

While the bill passed the Senate with significant bipartisan backing, its fate in the House remains uncertain.

Democratic lawmakers are weighing potential amendments, including stricter oversight for foreign-issued tokens and limitations on potential issuers.

However, the bill isn’t without its critics. In a recent CoinDesk editorial, Georgetown University finance professor James J. Angel argues that the GENIUS Act is a flawed piece of legislation.

News Roundup: Coinbase Unveils Coinbase Payments for Merchants

Coinbase unveiled Coinbase Payments on Wednesday, a new merchant-focused payments stack built on its Ethereum layer-2 network Base.

The product allows global ecommerce platforms like Shopify to accept USDC 24/7 without needing blockchain expertise, using tools like a gasless stablecoin checkout, an ecommerce API engine, and an onchain payments protocol.

Coinbase said the system is designed to replicate traditional payment rails while lowering costs and offering always-on settlement.

It also deepens its partnership with USDC issuer Circle, whose shares jumped 25% on the news, while Coinbase rallied 16%.

Coinbase says stablecoins processed $30 trillion in transactions last year, tripling from the year prior.

Market Movements:

• BTC: Bitcoin rebounded above $105,000 in a V-shaped recovery despite escalating Israel-Iran tensions, with strong ETF inflows and key support at $103,650 highlighting institutional confidence amid market volatility.
• ETH: Ethereum rebounded 4% to hold above $2,500 despite Middle East tensions, with record-high staking and accumulation signaling growing investor conviction amid market volatility.
• Gold: Gold slipped 0.19% to $3,383.11 after the Fed held rates steady at 4.25–4.5%, with Chair Powell signaling no imminent policy changes and emphasizing continued economic strength despite trade tensions.
• Nikkei 225: Japan’s Nikkei 225 slipped 0.27% on Thursday as Asia-Pacific markets traded mixed, weighed down by the Fed’s rate pause and ongoing Israel-Iran tensions.
• S&P 500: The S&P 500 dipped 0.03% to 5,980.87 after the Fed held rates steady, with Chair Powell signaling a wait-and-see approach amid uncertainty over Trump’s tariffs.

Elsewhere in Crypto:

• Crypto doesn’t have to be a market for lemons
• Are Criminals Really Switching From Crypto to Gold for Money Laundering?
• UK to Propose Restrictions on How Banks Can Deal With Crypto Next Year