Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Standard Chartered has significantly tempered its bullish price projections for Bitcoin over the next five years. “I still see Bitcoin continuing to print fresh all-time highs going forward, but I think the pace will be slower than previously expected,” Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick said in an email last week. The asset has fallen as much as 36% from a record price of about $126,000 reached in October to about $80,000 in a drawdown sparked by U.S. tariff threats on China and drying liquidity. Deloitte's #1 Fastest-Growing Software Company Lets Users Earn Money Just by Scrolling — Accredited Investors Can Still Get In at $0.50/Share. However, the correction means Standard Chartered's previous near-term targets are wrong, he said. Standard Chartered now sees Bitcoin finishing this year at $100,000, down from its previous prediction of $200,000. For 2026, it now sees Bitcoin finishing the year at $150,000, down 50% from $300,000 earlier. Trending: 7 Million Gamers Already Trust Gameflip With Their Digital Assets — Now You Can Own a Stake in the Platform Standard Chartered is predicting a slower pace of Bitcoin growth, as it no longer expects purchases from digital asset treasury companies. Now, as valuations shrink, Kendrick said he expects to see these companies consolidate. He added that the Bitcoin ETF market would likely take several years to mature as investor access broadens and investment committees make up their mind. Meanwhile, Standard Chartered rejected any suggestion that Bitcoin is at the beginning of an extended correction in line with its historical four-year cycle. “This time is really different,” Kendrick said, suggesting that ETF buying would be able to support the asset's price. Read Next: Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen This article 'The Pace Will Be Slower Than Expected': Standard Chartered Lowers Bitcoin Price Forecasts originally appeared on Benzinga.com

Bitcoin BTC$87,208.13 bulls are fighting to break on Friday what's been a consistent pattern of sell pressure during U.S. hours. Dipping below $85,000 late on Thursday afternoon, BTC once again climbed after U.S. markets closed, pushing back above $89,000 they opened Friday morning. That level, though, has roughly capped every attempt of a breakout throughout the week, with sellers hammering prices back to square one — sometimes within minutes and sometimes over the course of a few hours. U.S. equities are having another strong session, led by the Nasdaq's 1% gain, with AI bellwethers Nvidia, Oracle and AMD rising 3%-6%. Ethereum treasury firm BitMine (BMNR) advanced almost 8%, while Galaxy Digital (GLXY) and stablecoin issuer Circle (CRCL) were each up around 3%. Meanwhile, BitDigital (BTBT) is up 10% following news related to WhiteFibre (WYFI), has signed a 10-year, 40MW colocation agreement with Nscale, valued at approximately $865 million. BitDigial owns roughly 70% of WhiteFibre (itself ahead 11%), amplifying the positive impact on BTBT shares. The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets. Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services.

Blockchain concept of a transparent cube with encryption data and digital chain. “We're here to talk about real-world applications that can be used for government efficiency and accountability,” said Willis. New blocks of data are connected through cryptography, essentially a unique digital fingerprint or ‘hash.' “Blockchains are powered by a global, decentralized distributed network of computers that verify, secure and digitally store information,” Postupak explained. “With these networks being supported by hundreds, if not thousands, of computers globally, the chance that there's ever a network failure is almost zero.” How do we know that's a trustworthy source?” asked Rep. Allison Dahle (D-Wake). “Could we use this blockchain technology for voting online?” Dahle asked. “I know that's something that countries and municipalities around the world are looking at,” said Postupak, who added he would need more time to research the question. Anthony Janocko with New York-based Ava Labs, said California's DMV is a good example of how governments can use the technology. Their blockchain infrastructure has been enormously successful in digitizing 42 million car titles. “That's another way you can think about digital assets — it's basically taking something that exists in the real world, then applying it to the framework of blockchain technology, allowing for some of the digital ownership and provability of those assets online,” said Janocko. “Each event or digital asset or title in its lifecycle process was basically being tacked onto the blockchain,” Janocko explained.“When users or DMV workers need to look up certain titles, they're able to see that full history.” Janocko said the end result is an auditable log of all the previous transactions that exist on a ledger, reducing time during an audit or reconciliation. Janocko said the blockchain infrastructure is not about rebuilding government systems from scratch. Rather, it's about adding a modern shared system of records underneath that can be referenced with a high degree of integrity. Wyoming is exploring blockchain technology with the first state-issued stable token. In its pilot, real-time government contractor payments using the token, managed on a blockchain network, reduced the timelines for payouts from 45 days to just a few seconds. John Bridge of the Atlanta-based firm Trust Stamp said blockchain is being used in Africa to digitize property records and improve accountability. Baltimore County is using the technology in a pilot project to more accurately assess distressed properties, said Bridge. Payment and delinquency events can be tracked more easily, improving collections efficiency. Improving services at the DMV and revenue collection are two areas that hold great appeal for North Carolina lawmakers heading into 2026. While Wednesday's committee hearing was for informational purposes, Rep. Willis said it was clear that blockchain technology is the future of data retention. Whatever we can do to help get ahead and craft what that's going to look like and for the betterment of North Carolina and the efficiency of our government, we're all for it,” said Willis. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. Please see our republishing guidelines for use of any other photos and graphics. Deputy Editor Clayton Henkel manages the NC Newsline website and daily newsletter, while also producing the weekly News and Views radio program/podcast. NC Newsline is part of States Newsroom, the nation's largest state-focused nonprofit news organization. NC Newsline is a Raleigh-based nonpartisan, nonprofit newsroom dedicated to fearless reporting and hard-hitting commentary that shines a light on injustice, holds public officials accountable, and helps improve the quality of life throughout North Carolina. We're part of States Newsroom, the nation's largest state-focused nonprofit news organization. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0.

ZUG, Switzerland, Dec. 19, 2025 /PRNewswire/ -- Ethereum's market is one of the most competitive corners of DeFi, and it has virtually no "meme"-driven trading activity. This makes it easier to measure the more organic market volumes, where low fees and the trading of core assets such as ETH, BTC (wrapped), and stablecoins are predominant. Around this time last year, Curve accounted for roughly 1.6% of all DEX fees charged on Ethereum. These figures highlight rising trader activity and fees paid by users on Curve. But it should be noted that this is not a reflection of profit or yield distributed among liquidity providers or the protocol itself. Trading activity around Curve's native crvUSD stablecoin has increased sharply, pushing volumes higher and reinforcing the protocol's position as a core venue for on-chain stablecoin liquidity. This reflects its rapid adoption and growing role in on-chain liquidity. Here's how Michael Egorov, founder of Curve Finance, has commented on this shift: "DeFi users are increasingly prioritising sustainable revenue models over short-term speculation. This change in long-term behaviour is reshaping where liquidity and volume ultimately settle." Curve Finance is one of the largest DeFi protocols, specializing in stablecoin trading with minimal fees and slippage. Launched in 2020, it has grown into a full ecosystem with liquidity pools, lending markets, its own stablecoin (crvUSD), and DAO governance, becoming a key infrastructure layer for Ethereum and other EVM networks. Curve Finance has entered the second half of 2025 with steady momentum, driven by rising demand for stablecoin trading and deeper liquidity. Michael Egorov, founder of Curve Finance, a decentralised protocol powering a premier DeFi venue for stablecoin exchange and an ecosystem of DeFi...

Speaking at the final press conference of 2025, President Christine Lagarde confirmed that the bank has concluded its preparatory phase, effectively handing the baton to European lawmakers to decide if—and how—the currency will become a reality. Importantly, the ECB stressed that completing the preparatory work does not amount to a final decision to issue a digital euro, which remains a political choice. That process builds on a legislative proposal first submitted by the European Commission in 2023, which lays out the legal basis, safeguards, and limits for a potential digital euro. “It is now for the European Council and certainly later on for the European Parliament to identify whether the Commission proposal is satisfactory and how it can be transformed into a piece of legislation.” The ECB isn't just looking to modernize for the sake of it; officials see the digital euro as a way to protect Europe's financial independence. With more people moving away from physical cash, there is a growing concern that European payments are becoming too dependent on non-European private companies. The digital euro is being designed to act as a digital anchor, offering a public alternative that works just like cash but in a digital wallet. ECB officials have repeatedly emphasized that the digital euro would coexist with physical cash and commercial bank money, not replace them. Privacy has also emerged as a central political issue. The ECB says the system would allow cash-like privacy for offline payments, while still complying with anti-money laundering and counter-terrorism financing rules for online transactions. The push comes amid growing competition from U.S.-based card networks, Big Tech payment platforms, and dollar-backed stablecoins, which ECB officials view as a strategic risk to Europe's monetary sovereignty. However, parts of the banking sector have raised concerns that a poorly designed digital euro could lead to deposit outflows from commercial banks, a risk lawmakers are expected to address through holding limits and design safeguards. It's meant to be a backup that keeps the economy stable, even during technical outages or cyberattacks, ensuring that everyone in Europe always has a reliable way to pay.

Bitcoin, for example, reached dazzling heights of more than $120,000 in October — before crashing back down to around $88,000 today, about 12 percent down from where it was a year ago. While that might be bad news for crypto bros or Robinhood day traders, one economist argues that the decline is actually good news for the rest of us. In his analysis, he compares crypto to counterfeit currency — fake money that allows shady gangs to buy up all kinds of scarce goods, like houses and sports tickets. When they buy up those goods with funny money, they help drive prices up, making them less affordable for those of us who don't play the game. “If some supersleuth detective figured out a way to recognize the counterfeit bills, they could then remove trillions of dollars of fake money from circulation,” Baker explains. It is the same story with plunging crypto prices.” From this reading, crypto — which infamously has no real value — allows people to suck up “large chunks” of the economy with a currency that's built on thin air. “To put it simply: there's more for everyone else,” Baker explains. By Baker's count, the major cryptocurrencies like Bitcoin and Etherium have shed over $1.2 trillion in market cap, or “enough to send every household in the United States a check for $10,000.” In his thinking, everybody who doesn't own it should be cheering for crypto's ongoing downfall to continue. “The only possible impact of lower crypto prices on production is that we will make less crypto,” says Baker. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Do Not Sell or Share My Personal Information.

EU governments pursued additional privacy safeguards to ensure people's payment habits are kept under wraps as part of a legislative framework for minting a virtual extension of euro banknotes and coins. The Council of the EU rubberstamped its negotiating position for a digital euro on Friday afternoon after clinching a deal earlier this week, as reported by POLITICO. The onus is now on members of the European Parliament to agree on a legal text so that both sides can begin legislative negotiations next year. The digital euro was the European Central Bank's answer to Meta's (failed) plan to launch its own virtual currency, called Diem, for its 3 billion users. Since Diem's demise, ECB policymakers have pitched the project as a vital strategy to reduce the bloc's reliance on U.S. credit card giants, Mastercard and Visa, for cross-border payments. The spread of Big Brother-style conspiracy theories, meanwhile, has forced policymakers to take extra precautions to reassure the public that authorities will not use the digital euro to snoop on people's payment habits. “In China, it's explicit that they wanted to build [a digital yuan] in order to increase control over the people. “I'm not saying it will be used” for snooping, “but they know that the technology has potential,” he said. Especially, as they'll be on the hook for distributing basic digital euro services to their clients at no extra cost — a bill that could amount to over €5 billion over four years, according to ECB estimates. That wasn't enough for some countries, in particular Belgium and the Netherlands, which fear the project could be politically weaponized. The final text has even strengthened privacy safeguards, making it explicit that central banks “shall not be in a position to lift these [segregation] measures during any processing of the data.” These fees would be capped at the average cost of international and domestic debit cards for at least five years until the overall cost of distributing the digital euro becomes more stable. The Council's bid to get banks “a ‘fair' remuneration,” while making digital euro payments “cheaper for merchants and consumers,” is a 'squaring the circle problem' [that] cannot be solved," Tobias Tenner, head of digital finance at the German banks association, said. “At least if one takes the huge necessary investments [for banks] into account.” Early private hearings will give lawmakers a chance to press key demands such as gender balance. The move will oblige financial institutions to strengthen due diligence on all transactions. The new rules set a dangerous precedent, big tech companies say.

Be the first to see our newest insights and key updates across all datasets Build and test your own strategies, using Quiver's Congressional trading datasets Build and test your own strategies, using Quiver's Institutional holdings datasets Our video reports and analysis, with early access to exclusive, subscriber-only videos SRx Health Solutions announces EMJ Crypto Technologies will enhance its digital-asset treasury system using OpenAI's language models for improved research and risk management. SRx Health Solutions, Inc. has announced its acquisition of EMJ Crypto Technologies, which is enhancing its Gen2 digital-asset treasury operating system by integrating OpenAI's advanced large language models (LLMs). This integration aims to improve internal research workflows and risk management decision support by synthesizing market data, macroeconomic factors, and protocol information into existing analytical frameworks. Led by Eric M. Jackson, EMJX focuses on managing digital asset exposure, such as bitcoin and Ethereum, while employing disciplined hedging strategies to address volatility. EMJX is designed to manage multi-asset digital holdings using quantitative models and systematic risk controls. OpenAI's LLMs will support internal research workflows and improve risk-management decision-making processes at EMJX. EMJX primarily manages exposure to bitcoin, Ethereum, and other select digital assets while addressing market volatility. Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. NORTH PALM BEACH, Fla., Dec. 19, 2025 (GLOBE NEWSWIRE) -- SRx Health Solutions, Inc. (NYSE American: SRXH) (the “Company”), which recently announced a definitive agreement to acquire EMJ Crypto Technologies (“EMJX”), today announced that EMJX is enhancing its Gen2 digital-asset treasury operating system through the integration of OpenAI's latest-generation large language models (LLMs) to support internal research workflows and risk-management decision support. The platform is led by Eric M. Jackson and is built to manage exposure to bitcoin, Ethereum, and other select digital assets while actively addressing volatility through disciplined hedging strategies. The latest enhancements incorporate OpenAI's commercially available, state-of-the-art large language models into EMJX's proprietary QAM Engine and broader Gen2 Digital Asset Treasury (“Gen2 DAT”) architecture, which combine quantitative models with systematic risk controls.. “We view large language models as a decision-support layer, not a replacement for disciplined risk management,” said Eric Jackson, expected CEO and Chairman of EMJX upon closing of the combined company. EMJX is a Gen2 digital-asset treasury operating system designed to manage multi-asset digital holdings using quantitative models, artificial intelligence, and systematic risk controls. The platform emphasizes transparency, governance, and disciplined capital allocation across varying market environments. Words such as “believe,” “expect,” “intend,” “aim,” “plan,” “may,” “could,” “target,” and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

October and November have already shaken the crypto market well. And now December doesn't hold back: a new wave of volatility hits investors, already on edge. The overall capitalization of the crypto market just dropped below 3 trillion dollars, more precisely to 2.93 trillion dollars, its lowest level since April. Since its October peak estimated at 4.4 trillion dollars, over 33% of value has evaporated. Over the same period, BTC has lost ground but remains more resilient than altcoins. On Thursday, bitcoin was trading around $88,200, while other cryptos sank faster. XRP, Solana, and Cardano record marked declines, sometimes close to 20% over the week. In an alarming tweet, Michaël van de Poppe mentions a “possible capitulation” on altcoins. The Bank of Japan announced a rate hike to 0.75%, an event watched closely by global markets. While this monetary tightening worries, bitcoin nevertheless rose 2.3% after the announcement. Beyond the ambient stress, an unexpected dynamic emerges: Bitcoin ETFs register a significant influx of capital. In a few days, more than 457 million dollars have been injected into these regulated investment vehicles. This renewed institutional interest suggests some actors are already betting on a near recovery of BTC. Giants like Fidelity and BlackRock, far from being timid, are strengthening their positions despite the volatility. This trend contrasts with outflows observed in other products backed by Ethereum or Solana. For some, widespread fear is precisely the right moment to enter. XRP ETFs have just crossed the billion dollars mark in cumulative value. A strong signal that shows interest in alternative cryptos also resists the storm. Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Et le jour où les impacts se feront ressentir sur l'économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j'y étais pour quelque chose Receive the latest and best crypto news directly to your inbox in daily, weekly, or special format, to stay updated at your own pace Receive the latest and best crypto news directly to your inbox in daily, weekly, or special format, to stay updated at your own pace

After weeks of volatility and forced liquidations, several large-cap altcoins are now trading in zones that historically coincide with late-stage sell pressure, not the start of fresh downtrends. Chainlink LINKUSDT, Sei SEIUSDT, and Sui SUIUSDT are all flashing similar signals on higher timeframes. Recent volatility has pushed several large-cap altcoins into deeply compressed momentum zones, but the structure does not resemble the start of a fresh breakdown. Instead of accelerating lower, price action is stabilizing as selling pressure fades and longer-term holders step in near key support levels. Historically, these momentum levels tend to appear after prolonged selling, when downside acceleration slows, and marginal sellers are largely exhausted. Bear markets usually begin with momentum expanding lower, not compressing near long-term support. Price action across LINK, SEI, and SUI shows a clear shift from distribution to stabilisation. Despite recent volatility, none of these assets has broken decisively below their higher-timeframe support zones. This behaviour is inconsistent with the early stages of a bear market, where support typically gives way under sustained pressure. Instead, fading sell intensity points to a base forming, improving the odds of recovery attempts over further aggressive downside. The current signals across LINK, SEI, and SUI point less toward an exhausting trend and more toward distribution. A gradual grind higher or range expansion appears more likely than a sharp breakout, as markets remain sensitive to macro cues and Bitcoin's direction. Looking into early 2026, outcomes will be shaped by liquidity conditions and broader risk appetite. If macro stability improves and Bitcoin holds structure, these large-cap altcoins are positioned to recover meaningfully from current levels, even if a full return to all-time highs remains a longer-term process rather than an immediate outcome. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved. SEC fillings and other documents provided by Quartr.© 2025 TradingView, Inc.

Each card holds a fixed amount of $WHALE tokens locked on-chain and backed 1:1, making them redeemable at any time for the underlying tokens. Minting is now live exclusively at mintwhale.io , where users can acquire these asset-backed cards and begin trading immediately on secondary marketplaces such as Magic Eden. Because every card is transparently backed by real $WHALE, value remains anchored and fully verifiable on-chain at all times. Holders use it for gameplay, Battlepass purchases, staking rewards, and exclusive in-platform features – a utility that is available today and will expand significantly after TGE. Upcoming features include a Staking mechanism (locking liquid $WHALE into cards) and a dedicated Token Swapping interface for one-click redemption. Whale.io has also reaffirmed its commitment to regular market buybacks followed by permanent token burns to support long-term token health. The $WHALE NFT collection is available for minting exclusively at mintwhale.io. Detailed card tiers, pricing, and redemption instructions are displayed on the site. All on-chain activity remains fully transparent through Whale.io's established Treasury wallets. Community members are invited to follow @Whalegames_en on X for real-time mint updates, secondary market insights, and announcements on future roadmap milestones. For complete details on the $WHALE NFT collection, users can visit mintwhale.io or whale.io .

ICO Group Limited ( (HK:1460) ) has issued an announcement. ICO Group Limited has issued a supplemental announcement regarding its previously disclosed subscription of preference shares in an AI-focused issuer valued at about US$124 million, clarifying that the target company's core technology is an artificial intelligence system for video and visual interpretation capable of analysing multi-hour videos within seconds. The board detailed its basis for considering the valuation fair and reasonable, citing extensive due diligence on the issuer's financials and system performance, the rapid uptake of its video AI application since its August 2025 public launch, and early traction with high-quality public-sector customers in Hong Kong and Singapore, which the company believes underscores strong market demand and significant potential for future revenue growth from this investment. The most recent analyst rating on (HK:1460) stock is a Hold with a HK$0.28 price target. To see the full list of analyst forecasts on ICO Group Limited stock, see the HK:1460 Stock Forecast page. ICO Group Limited is a Hong Kong-listed company incorporated in the Cayman Islands that operates in the information technology sector, leveraging its experience and expertise in IT to evaluate and invest in emerging technology businesses, including artificial intelligence solutions with commercial and public-sector applications. All market data (will open in new tab) is provided by Barchart Solutions. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab). © Copyright 2025 The Globe and Mail Inc. All rights reserved.

Traders remain cautious as crypto prices consolidate amidst tight liquidity conditions Bitcoin traded lower on Friday as the cryptocurrency market remained subdued amid tight liquidity and cautious global risk sentiment. The world's largest cryptocurrency was priced around $87,700 (roughly Rs. 79.18 lakh), easing from higher levels seen earlier in the week as investors stayed defensive ahead of key central bank decisions. 2.66 lakh), consolidating after recent gains as traders balanced improving inflation data against uneven liquidity conditions. While softer inflation has improved the broader macro backdrop, follow-through buying remained limited, keeping both Bitcoin and Ethereum largely range-bound. Market sentiment remained cautious during the session as investors reacted to mixed global cues. Unclear interest-rate direction from major central banks, tight liquidity conditions, and lingering uncertainty around upcoming policy decisions limited risk appetite. Altcoins continued to underperform amid the lack of strong directional catalysts. 168), and Dogecoin (DOGE) traded close to $0.13 (roughly Rs. Providing a near-term outlook for Bitcoin, Akshat Siddhant, Lead Quant Analyst at Mudrex, said improving inflation data has helped stabilise sentiment despite recent pullbacks. “Inflation at multi-year lows improves the macro backdrop, while technical indicators show Bitcoin entering deeply oversold territory, levels that have often led to meaningful rebounds [...] With markets focused on the Bank of Japan's upcoming rate decision, the $84,000 zone (roughly Rs. Overall, the crypto market remains in a consolidation phase, with Bitcoin and Ethereum acting as relative anchors amidst ongoing macro uncertainty. Analysts said a clearer interest-rate outlook, improved liquidity conditions, and sustained institutional participation will be key to any meaningful upside. Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockch... more

Bankless founder predicts a 2026 shift toward Wall Street tokenization, the return of regulated ICOs, and invisible DeFi integration. Regulated ICOs may return as legal frameworks improve globally. Stablecoin-based super-apps will use Ethereum as a banking backend. Quantum computing risks might enter mainstream crypto conversations soon. Bankless founder David Hoffman has laid out a bold roadmap for crypto in 2026. His predictions land as regulators soften their stance and institutions move from testing to execution. Hoffman believes 2026 will mark the point where tokenization becomes standard, not experimental. He pointed to recent comments from BlackRock CEO Larry Fink and regulators signaling that capital markets will increasingly live on-chain. That momentum is shifting toward equities, credit and structured products. Bankless founder argues Wall Street now has the regulatory clarity it previously lacked. As a result, institutions no longer ask if assets go on-chain, but how fast. Or will banks prefer to issue and control tokens themselves? Hoffman predicts ICOs will return after years of regulatory freeze. He described yield farming, points programs and airdrop games as inefficient substitutes for direct capital formation. The sale ran fully on-chain through Uniswap's CCA framework, without intermediaries. Poor projects could still poison the model if standards slip. Hoffman also expects rapid growth in stablecoin-based “new banks” that use Ethereum as their backend. He believes these fintech-style apps will expand into full financial super-apps. Unlike traditional banks, stablecoin platforms can reward users with tokens at near-zero cost, turning customers into stakeholders. As UX improves and blockchains disappear from the surface, Hoffman sees DeFi becoming invisible but essential. On the speculative side, Bankless founder warned that robotics-related tokens could see hype-driven rallies, similar to past AI token manias. He stressed that real robotics value remains concentrated in private companies and large incumbents, not small-cap tokens. Finally, he flagged quantum computing as a slow but serious threat. While not imminent, Hoffman expects quantum security risks to enter mainstream crypto discussions in 2026, especially around dormant Bitcoin wallets and cryptographic standards. Crypto's future, he argued, will be built quietly before it explodes loudly.

Coordinator of the EU-Supervisory Digital Finance Academy (EU-SDFA), Adjunct Professor at the LUMSA University and Associate Fellow at Istituto Affari Internazionali (IAI) - Italy After years of a hesitant and uncertain trajectory, the European Central Bank (ECB) has significantly accelerated its efforts on Central Bank Digital Currencies (CBDCs). Such a significant shift in speed has been largely driven by external pressures. First, as argued by Draghi in his report on the Future of European Competitiveness, “dependencies are becoming vulnerabilities.”[2] The EU is highly dependent on foreign providers for its retail card-based transactions, with two-thirds of its internal transactions processed by US-based Visa and Mastercard. Simultaneously, as clearly shown in 2018 with the US unilateral sanctions against Iran, global wholesale systems continue to rely heavily on the US dollar and US-based institutions. This imbalance, combined with the fact that over 90% of large-value dollar transactions are settled via US-based systems like CHIPS and Fedwire, underlines the EU's reliance on the US dollar and US financial infrastructure. [3] This latter aspect is also closely connected to the euro's international role. Second, the growing interest in alternative digital assets has become a source of concern for EU policymakers. These digital assets could serve as vectors for expanding the global footprint of the US dollar through alternative digital channels, including in EU markets. This could pose financial stability risks, including the threat of euro deposit substitution and the potential for a systemic run on redemptions with global spillovers. [7] Furthermore, it could challenge the EU internal market in both retail and wholesale transactions: widespread use of dollar-backed stablecoins could further consolidate the dollar's dominance and create competition with central bank money as an alternative settlement asset in emerging markets for tokenized securities. Despite the ECB's rCBDC and wCBDC initiatives having distinct operational frameworks and objectives, they both aim to strengthen the EU's monetary power in a growing multipolar world. This conceptual framework encompasses the dual concepts of autonomy and influence. Adopting this lens, the digital euro project is primarily a mechanism for autonomy by establishing a pan-European retail payment infrastructure, while euro wCBDC explorations represent an emerging, if tentative, attempt to mitigate future risks of dependency while exercising international leadership. These objectives are not mutually exclusive but emerge through different institutional pathways and political conditions. The digital euro project is a legislative proposal currently under discussion. While there is always confusion, the ECB's work on a wholesale digital euro is progressing in parallel—and yet complementary—with its development of the digital euro for retail use. Officially referred to as “New Technologies for Central Bank Settlement,” this initiative explores innovations in wholesale financial transactions and interbank settlement mechanisms. A form of wholesale CBDC already exists, as central banks currently provide digital settlement assets to financial institutions. However, the ECB's efforts seek to enhance these systems through new technological advancements. Exploring new technologies for wholesale transactions builds upon TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System), which is the Eurosystem's infrastructure for settling large-value payments in euros in real time. Third, the Full DLT Interoperability enables the settlement of wholesale transactions in central bank money directly on a DLT platform by tokenizing central bank money and integrating it with the Eurosystem's RTGS (T2). Pontes is designed as a short- to medium-term pilot project, scheduled for implementation by the end of the third quarter of 2026. Pontes employs a dual-settlement model enabling transactions to settle either on the Eurosystem's DLT platform, utilizing tokenized central bank money, or via T2 RTGS for traditional cash settlement. This approach leverages lessons learned from the 2024 exploratory phase, integrating interoperability solutions while aligning with TARGET's operational, legal, and technical standards. A long-term pilot for Pontes is planned for launch by the end of Q3 2026 and will build upon components already proven in 2024 experiments. Appia, in contrast, represents a long-term vision, with no planned timeline. In the retail payments and settlements domain, autonomy has become a pressing policy objective due to existing dependencies on foreign providers for card payment schemes and mobile payment apps, as well as emerging risks related to US-denominated stablecoins. The ECB's initial engagement framed its rationale within a behavioral logic: evolving consumer preferences and the progressive decline of cash in point-of-sale transactions. While empirically grounded—cash usage fell from 72% in 2019 to 52% in 2024—online payments now represent 21% of all daily transactions and 36% of the total transaction value. [11] This narrative presents digitization only as a neutral, demand-driven transformation. This dynamic raises fundamental questions about the EU's monetary power in an era when payment infrastructure is both a strategic asset and a vector of geopolitical dependency. [12] This logic applies directly to the eurozone, where 13 of 20 member states lack domestic card schemes and must co-badge with foreign ones to operate within their borders. [13] Even national systems, such as Italy's Bancomat or France's Cartes Bancaires, rely on international networks for interoperability, rendering European transactions vulnerable to extraterritorial regulation and policy misalignment, as foreign entities operate within legal and political jurisdictions that may not always align with European strategic interests. The ECB started to position its project not simply as a complement to cash but as a lever for reinforcing European monetary sovereignty. From a technical point of view, the ECB believes that a digital euro infrastructure might rebalance its autonomy in digital payments, enabling a public infrastructure to regain control over private foreign providers. In practice, the current card payment system utilizes payment networks, such as Visa and Mastercard, which facilitate electronic transactions between cardholders, merchants, issuing banks (the cardholder's bank), and acquiring banks (the merchant's bank). Payment networks own the infrastructure that enables their intermediation function. However, with the development of a digital euro, the ECB would provide such underlying core infrastructure upon which European and non-European providers can develop their front-end solutions. Furthermore, this stance is also enforced by procurement rules for the development of the digital euro's core infrastructure, which restrict participation to European IT companies. The digital euro is thus positioned as a foundational element to ensure that critical infrastructure is under European governance, thereby reducing exposure to external coercion. While the ECB's initiative aspires to enhance autonomy by asserting infrastructural control, the causal link between creating new infrastructure and achieving monetary autonomy remains analytically tenuous. It presupposes not only that the infrastructure will be successfully developed and adopted but also that it will displace or substantially reduce reliance on incumbent foreign payment providers. The digital euro model, while pragmatically framed as a partnership between public infrastructure and private innovation, rests on a fragile assumption: that the creation of a centralized European infrastructure will meaningfully reduce dependency on entrenched foreign actors while fostering EU-native digital payment solutions. Nevertheless, incumbent foreign providers benefit from strong network effects and high switching costs, positioning them as the default choice—even within the emerging digital euro ecosystem. However, from a different perspective, what if adoption is not the key driver or objective? That may sound provocative, but the strategic value of the digital euro might lie not primarily in everyday usage but in establishing a parallel, EU-controlled domestic infrastructure that can be fully mobilized in the event of disruption from foreign-owned systems. Instead, although the EU already retains a high degree of autonomy in euro-denominated wholesale payments and settlements, supported by robust, domestically governed infrastructures such as TARGET2 and TARGET2-Securities (T2S), EU policymakers are increasingly concerned that US-denominated stablecoins could also pose risks to the settlement of wholesale transactions within the eurozone. [14] Pontes becomes the short-term public solution to provide market participants with a similar technological and technical infrastructure to tokenization using central bank money, thereby avoiding the re-creation of dependencies on foreign assets or providers. While the face of monetary power related to autonomy is straightforward, the second dimension of monetary power connected to influence is more subtle. It requires the ability to shape global monetary dynamics in line with strategic preferences. They will not address the fragmented and incomplete nature of the EU's Economic and Monetary Union (EMU) or the absence of common safe assets that central banks and international investors could adopt as a store of value. As Eichengreen[15] and Helleiner[16] have noted, the determinants of an international currency status are institutional, not merely technological or infrastructural. Against this backdrop, euro CBDCs cannot single-handedly catalyze internationalization, but they may serve as a strategic complement to foster the international role of the euro. The development of a more efficient rCBDC and wCBDC financial infrastructure could, in principle, enable central banks to settle cross-border payments directly, thereby reducing transaction costs and latency while simultaneously mitigating structural reliance on the dollar-centric correspondent banking model. ECB officials have occasionally gestured toward this potential. [18] Cipollone also argued that a wCBDC could enable European firms to transact globally without relying on dollar-based intermediaries. [19] Yet, beyond such rhetorical gestures, the ECB has offered little concrete detail on how both initiatives would advance the internationalization agenda. Official documentation broadly discusses faster and more secure cross-border payments but does not clarify how these would translate into increased demand for euro-denominated assets or long-term geopolitical leverage. Initially, non-eurozone countries needed formal agreements with the ECB to adopt it. However, legislative discussions led to a revision: foreign merchants will be able to accept digital euro payments without such agreements, as they hold zero balances and convert funds immediately. This change applies only to retail transactions, maintaining limits while enabling the digital euro to function as a cross-border payment tool. While intra-EU wholesale transactions are almost entirely settled in euros, cross-border and cross-currency settlements to and from the EU borders are still, for a significant portion, processed in US dollars, thereby going through the US financial infrastructure. This initiative signals an emergent ambition: to leverage its exploratory work to exert global influence on the euro as an international currency. Another dimension of the ambition to influence is shaping global standards and technological leadership. In this case, the TARGET Instant Payment Settlement (TIPS) system offers a model for leveraging euro-denominated infrastructure to exert monetary influence. Access to TIPS has been extended to non-euro area countries, including Sweden (since 2022), Denmark (planned for 2025), Norway (in progress), and Iceland (interested), marking a notable expansion beyond the monetary union. By joining TIPS, these countries adopt ECB-defined standards and institutional frameworks within their domestic systems. Beyond Europe, the ECB has exported cloned versions of TIPS technology to central banks in Montenegro, Kosovo, North Macedonia, and Bosnia and Herzegovina, following a similar earlier request from Albania. These initiatives allow countries to replicate ECB infrastructure independently. While this opens the door for broader integration or replication, such ambitions remain largely technical. Without deeper legal, regulatory, and institutional alignment, these efforts are expected to have only a marginal impact—supporting limited euro internationalization regionally but not significantly enhancing the EU's global monetary power. The launch of Pontes and Appia does not simply extend experimentation or mitigate technical risks; it represents a deliberate move to ensure that the EU is not a passive recipient of global CBDC standards but an active contributor to their definition. Pontes provides a credible and immediate solution for settling tokenized transactions in central bank money, demonstrating the Eurosystem's ability to offer a public sector alternative to privately issued settlement assets, including US-denominated stablecoins. In doing so, it ensures that Europe remains relevant in the evolving market for tokenized securities and smart contract-based payment flows. Appia, by contrast, articulates a longer-term strategic ambition. Rather than adapting existing infrastructures to new digital environments, Appia aims to design a DLT-native wholesale settlement architecture that is governed by European institutional, regulatory, and political principles. If realized, such an ecosystem could support cross-border settlement without depending on dollar-clearing channels such as correspondent banking or SWIFT-based messaging frameworks, thereby expanding the EU's capacity to shape global settlement norms. The ECB's initiatives on the digital euro and wholesale CBDCs show that Europe has begun to understand a crucial reality: the future of monetary power will be decided not only in balance sheets but in infrastructures. The retail digital euro project serves as a strategic hedge against the existing and future risks associated with dependency on foreign providers. Even if widespread consumer adoption does not materialize immediately, its existence provides Europe with a public, resilient alternative that can be mobilized if foreign intermediaries—whether commercial networks or dollar-based stablecoin systems—become a channel of coercion or disruption. These initiatives cannot fundamentally alter the structural constraints of the euro's global role, but they may enable Europe to avoid subordination to private or extra-European infrastructures as tokenized finance expands. Taken together, the two CBDC initiatives show a shift in Europe's strategic mindset. Rather than continuing to adapt to a system largely shaped by others, the EU seeks to influence the rules of the game—even if gradually, and even if from a structurally asymmetric position. [3] Maria Demertzis, “Europe's Financial Independence Needs Derisking, Not Decoupling,” The Conference Board, September 22, 2025, https://www.conference-board.org/publications/Europes-Financial-Independence-Needs-Derisking-Not-Decoupling. [7] European Systemic Risk Board, Crypto-assets and Decentralised Finance: Report on Stablecoins, Crypto-investment Products and Multi-function Groups (Frankfurt: European Systemic Risk Board, October 2025), PDF, https://www.esrb.europa.eu/pub/pdf/reports/esrb.report202510_cryptoassets.en.pdf. [9] European Central Bank, “Digital Euro,” accessed [add access date if required], https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html. [10] European Central Bank, “Exploratory Work on Distributed Ledger Technology (DLT),” accessed [add access date if required], https://www.ecb.europa.eu/paym/dlt/exploratory/html/index.en.html. [11] European Central Bank, “Digital Payments Continue to Rise, Albeit at a Slower Pace; Cash Remains a Key Payment Method,” press release, December 19, 2024. [12] Henry Farrell and Abraham L. Newman, “Weaponized Interdependence: How Global Economic Networks Shape State Coercion,” International Security 44, no. [13] European Central Bank, “Most EU Countries Rely on International Card Schemes for Card Payments, ECB Report Shows,” press release, February 28, 2025, https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr250228_1~7f0697af45.en.html. [14] European Systemic Risk Board, Crypto-assets and Decentralised Finance (see note 7). [16] Eric Helleiner, The Making of National Money: Territorial Currencies in Historical Perspective (Ithaca, NY: Cornell University Press, 2003). [17] Maria Demertzis and Josh Lipsky, “The Geopolitics of Central Bank Digital Currencies,” Intereconomics 58, no. [19] European Central Bank, “Modernising Finance: The Role of Central Bank Money,” keynote speech by Piero Cipollone at the 30th Annual Congress of Financial Market Professionals, Genoa, February 9, 2024. [20] Bank for International Settlements, “Nexus: Connecting Fast Payment Systems,” accessed [add access date if required], https://www.bis.org/about/bisih/topics/fmis/nexus.htm. [21] European Central Bank, TARGET Instant Payment Settlement (TIPS): Connecting to Other Fast Payment Systems (Frankfurt: European Central Bank, October 21, 2024), PDF, https://www.ecb.europa.eu/home/doc/ecb.doc241021_TIPS_to_connect_to_other_fast_payment_systems.en.pdf.

ECB Says Digital Euro Is Ready as Decision Shifts to EU Lawmakers “We have done our work, we have carried the water, but it's now for the European Council and certainly later on for the European Parliament to identify whether the Commission proposal is satisfactory, how it can be transformed into a piece of legislation or amended,” ECB President Christine Lagarde said in a statement. Designed as a public, widely usable digital currency with legal tender status, the proposed digital euro is intended to support financial stability, monetary sovereignty, privacy, and inclusion, while strengthening Europe's payments infrastructure. Its purpose as a retail central digital bank currency is to “ensure that central bank money with the status of legal tender remains available to the general public, while offering a state-of-the-art and cost-efficient payment means,” the proposal reads, adding it could provide “a high level of privacy in digital payments.” While the central bank has done its share of preparation, “that readiness alone does not constitute a launch decision,” an ECB spokesperson told Decrypt. “The balance is therefore achieved through a clear separation of roles: the Eurosystem would not have access to users' personal data, while regulated intermediaries would continue to carry out AML and enforcement obligations in line with EU law,” the spokesperson said. Shifts in U.S. crypto policy and a more permissive stance toward stablecoins added urgency to European discussions about monetary autonomy, with Cipollone saying lawmakers and the broader political world are “becoming more alert” to the conversation. Early efforts by U.S. lawmakers culminated when President Donald Trump signed the GENIUS Act into law in July. Notably, Trump has consistently taken a hostile stance toward central bank digital currencies, saying in early 2024 that he would “never allow” a CBDC because he believes it would give the government too much control over people's money. He signed an executive order in January prohibiting federal agencies from establishing, issuing, or promoting CBDCs, effectively halting U.S. CBDC development under his administration. Discussions on the weight of a public digital currency began as early as 2021, when European central bankers warned that failing to issue could leave monetary control to private or foreign payment systems as cash usage declines. Policymakers have also examined how the digital euro fits alongside public blockchains such as Ethereum and Solana. Debate has since moved from principle to execution, with European institutions pressing for more apparent timelines around pilots and a possible launch toward the end of the decade. Earlier this month, the IMF warned that private digital money, including stablecoins, could weaken domestic monetary policy and financial stability. This article has been updated with comments from the ECB. The latest news, articles, and resources, sent to your inbox weekly.