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KPMG issued an unqualified opinion on Tether's 2025 financials, confirming $6.814 billion in excess reserves, in the same year more than 100 crypto projects folded. The open money read: the industry is being graded now, and the tests are revenue, reserves, and redemption.
On July 29, BNY launched its Digital Transfer Agency, making blockchain the authoritative books and records for a fund servicing business that keeps the ledger for $8.6 trillion across 7.6 million accounts.
RWA perps out-traded every crypto category on Hyperliquid for the first time, and Ondo shelved its blockchain plans to launch a TEE execution network where tokenized stocks serve as margin. The Open Money read: perps are the machinery converting tokenization into live capital.
On July 15, Jesse Pollak said Base's bet on onchain social had 'disintegrated completely,' handed the consumer Base App to Cobie, and refocused the chain on trading, payments, and AI agents.
Vitalik Buterin published the Lean Ethereum strawmap, a three-to-four-year plan to replace almost every major piece of the protocol: verification instead of re-execution, privacy, quantum-safe cryptography, and a tiered state model that could cut token fees.
On July 1, Robinhood launched the public mainnet of an Arbitrum-based L2 carrying 95 tokenized stocks into DeFi in 120+ countries. Days later, DTCC, the utility that custodies $114 trillion in securities, began limited production trades of tokenized Russell 1000 stocks, ETFs, and Treasuries.
140+ firms including Visa, Mastercard, Stripe and BlackRock backed Open USD, a zero-fee stablecoin that returns reserve yield to partners and governs by board. The float was the business. Now it's the incentive.
In one week, Toss Bank, Wyoming, and Securitize all bet on open public rails, and Linea moved finality closer to real time. The same week, a former Ethereum Foundation lead warned core development is three to nine months from a funding crisis.
Base deployed Beryl to testnet on June 19 with mainnet set for June 25. Its centerpiece, B20, puts token issuance inside the node software as a precompile instead of a smart contract, with a compliance toolkit for stablecoin and RWA issuers.
On June 9, a $480 billion asset manager wired a tokenized slice of its loan book into a synthetic dollar's reserves and took an equity stake in the protocol holding it. Morpho raised $175M to be the credit network, and tokenized RWAs are up 589% on the year.
