Tether Targets $20 Billion Raise, Could Reach $500 Billion Valuation

Forward Industries to Tokenize Nasdaq-Listed Stock on Solana, Expands $1.6 Billion Treasury and DeFi Collateral Strategy

Forward Industries, the Nasdaq-listed firm with the largest corporate Solana treasury, announced a partnership with fintech company Superstate to tokenize its equity on Solana. Using Superstate’s Opening Bell platform, the plan would allow Forward (FORD) shareholders to move their stock between brokerage accounts and Solana, enabling 24/7 trading, faster settlement, and expanded liquidity. Forward also intends to make tokenized shares usable as collateral across Solana-based lending protocols Drift, Kamino, and Jupiter Lend. While regulatory approval remains uncertain, the initiative underscores Forward’s deepening Solana strategy. Earlier this month, the company completed a $1.65 billion Solana-focused PIPE financing and filed for a $4 billion ATM equity program, cementing its position as the largest corporate holder of Solana with a treasury of about 17.11 million SOL, nearly 3% of total supply.

Vitalik Buterin Defends Coinbase’s Base as Non-Custodial Ethereum L2 Amid Criticism Over Centralization and Token Plans

Ethereum co-founder Vitalik Buterin defended Coinbase’s Base network against criticisms that it operates as a centralized custodian. He argued that Base is a legitimate Layer 2 built on Ethereum’s decentralized foundation, with smart contract logic ensuring that user funds remain under Ethereum’s control. Buterin emphasized that Layer 2 frameworks like Base are non-custodial extensions of Ethereum, not exchange-like systems. While acknowledging Base’s current Stage 1 status in his decentralization model, he highlighted progress toward further decentralization. Coinbase executives also rejected claims that sequencers function as securities exchanges, comparing them instead to infrastructure providers like AWS. Critics, however, contend that governance upgradeability and regulatory pressure risks still make Base functionally custodial, and skepticism persists around its potential token plans.

Zerohash Raises $104 Million Series D-2 Led by Interactive Brokers With Morgan Stanley, SoFi, Apollo and Jump Crypto Joining Round

Crypto and stablecoin infrastructure provider zerohash has raised $104 million in a Series D-2 round led by Interactive Brokers, with participation from Morgan Stanley, SoFi, Apollo-managed funds, Jump Crypto, Northwestern Mutual, FTMO, IMC, and Liberty City Ventures. The funding marks the first crypto and stablecoin investments for several of these major institutions. Including this round, zerohash has raised $275 million to date. The company plans to use the capital to expand products, grow its team, and strengthen its role as a leading on-chain infrastructure provider. Founded in 2017, zerohash powers crypto, stablecoin, and tokenization solutions for clients including Stripe, Interactive Brokers, BlackRock’s BUIDL fund, Franklin Templeton, DraftKings, and Republic, serving more than 5 million users in 190 countries. The raise comes amid rising enterprise demand for blockchain infrastructure, with executives from participating firms highlighting zerohash’s regulatory-first approach and scalability.

Securitize Activates Ripple’s RLUSD Stablecoin for BlackRock BUIDL and VanEck VBILL Tokenized Funds

Securitize has integrated Ripple’s new RLUSD stablecoin into its marketplace, enabling the asset to operate across BlackRock’s BUIDL and VanEck’s VBILL tokenized funds. The move expands interoperability in tokenized financial products and underscores the adoption of blockchain-based settlements in traditional capital markets. RLUSD, launched earlier in 2025, will serve as a dollar-backed stablecoin within these tokenized Treasury-based funds. Securitize, a regulated broker-dealer and SEC-registered ATS operator, continues to position itself at the center of digital asset securities trading despite the speculative and illiquid nature of its offerings.

FTX Recovery Trust Sues Genesis Digital Assets for $1.15 Billion Alleging Sam Bankman-Fried Misused Customer Funds

The FTX Recovery Trust has filed a $1.15 billion lawsuit against Bitcoin miner Genesis Digital Assets and its co-founders, alleging that disgraced FTX CEO Sam Bankman-Fried misused customer funds to buy Genesis shares at inflated prices. The suit claims Bankman-Fried, through Alameda Research, used commingled and misappropriated FTX customer deposits to benefit personally from the acquisition, describing the transactions as “archetypical fraudulent transfers.” Genesis Digital Assets, headquartered in Dubai with data centers in the U.S. and Europe, declined to comment. This legal action is part of broader efforts by FTX’s restructuring team to recover funds lost during the exchange’s November 2022 collapse, which Bankman-Fried criminally mismanaged, resulting in his 25-year prison sentence.

Tether Targets $20 Billion Raise, Could Reach $500 Billion Valuation With USAT Expansion

Tether Holdings, issuer of the world’s largest stablecoin USDT, is reportedly seeking to raise up to $20 billion in a private placement that could value the company at around $500 billion, putting it alongside firms like OpenAI and SpaceX. The offering would represent approximately a 3% stake, though details are still in early discussion. The move coincides with Tether’s U.S. expansion, including the launch of a U.S.-specific stablecoin, USAT, led by former White House digital assets executive Bo Hines. Tether’s market cap currently stands at $172 billion, more than double that of rival Circle, and the company generated $5.7 billion in net profit in the first half of 2025. Investment bank Cantor Fitzgerald is advising on the deal, which may close by year-end.