Together with KR1 - An Ethereum focused digital asset technology company, listed on the London Stock Exchange.

The HKMA granted its first two stablecoin issuer licenses under the Stablecoins Ordinance to HSBC and Anchorpoint, a joint venture between Standard Chartered, HKT and Animoca Brands. The regulator assessed 36 applications and selected two. Both licensees are connected to Hong Kong’s note-issuing bank framework. Anchorpoint will issue HKDAP, a regulated HKD-backed stablecoin, in phases starting Q2 2026 using a B2B2C distribution model. Standard Chartered Group CEO Bill Winters said the stablecoin “will further the rewiring of our financial markets and help promote the next generation of international trade.” Source.

Deutsche Borse invested $200 million in Payward Inc., Kraken’s parent company, acquiring a 1.5% fully diluted stake at an implied $13.3 billion valuation. The deal deepens a partnership announced in December 2025 spanning trading, custody, settlement, collateral management and tokenized assets. Deutsche Borse board member Thomas Book said the goal is to create “one integrated value chain” regardless of whether an asset is tokenized or fully digital. Deutsche Borse’s Clearstream unit launched a tokenized securities platform in November. Kraken became the first crypto firm to gain access to the Federal Reserve’s core payments system in March. ICE, owner of the NYSE, made a similarly sized $200 million investment in OKX earlier this year. The deal is expected to close in Q2 2026 subject to regulatory approval. Source.

Ondo Finance submitted a no-action letter request to the SEC seeking confirmation that recording securities entitlements on Ethereum Mainnet will not trigger enforcement action. The request relates to Ondo Global Markets, which gives non-US investors access to over 200 tokenized US stocks and ETFs. Under the proposed model, underlying equities remain held through the Depository Trust Company via broker-dealer Alpaca. BitGo would custody the tokenized representations on Ethereum. Ondo described the onchain layer as an operational overlay for collateral monitoring, creation-and-redemption workflows and reconciliation. Ondo stated: “Public blockchain rails and serious securities regulation can be, and are being, designed to work together.” TVL across Ondo’s tokenized products exceeds $3.5 billion. Source.

UBS, PostFinance, Sygnum, Raiffeisen, Zurcher Kantonalbank and Banque Cantonale Vaudoise joined forces with Swiss Stablecoin AG to launch a live sandbox for a regulated Swiss franc stablecoin. There is currently no regulated CHF stablecoin with broad application in Switzerland. The sandbox runs through 2026 in a controlled environment with transaction caps and a limited participant pool. Swiss Stablecoin AG provides the technical infrastructure. The sandbox is open to additional banks, companies and institutions. Source.

Invesco Private Capital invested in an additional closing of Superstate’s $82.5 million Series B. In March 2026, Invesco Advisers announced it would take over investment management of Superstate’s tokenized T-Bill fund USTB, which holds over $1 billion in assets and has onboarded 150+ institutional investors. The transition is expected to close in Q2 2026. Superstate CEO Robert Leshner: “Invesco becoming a strategic investor in Superstate reflects the depth of our shared conviction: tokenization is the future of investment products, and we’re building it together.”

ClearBank Europe completed a MiCAR notification on April 9, receiving confirmation from the Dutch Authority for the Financial Markets to operate as a Crypto Asset Service Provider. No Dutch credit institution had completed the process before. The bank will deploy Circle’s Mint platform to give clients access to EURC and USDC, enabling conversion between fiat and stablecoins within a regulated banking environment. ClearBank is authorized by the European Central Bank and supervised by De Nederlandsche Bank. Source.

Ethereum post-quantum with Justin Drake. By The Chopping Block.

See you next week.

James Smith & David Walsh