State Street Investment Management and Galaxy Asset Management are launching a tokenized private liquidity fund on Solana, with Ondo expected to invest $200 million. State Street Investment Management and Galaxy Asset Management are joining forces with Ondo Finance on a tokenized liquidity fund that will push cash “sweep” balances directly onto public blockchains, creating a potential source of 24/7 onchain liquidity. The planned State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, is designed to take in and pay out PayPal’s (PYUSD) stablecoin for accredited investors, the companies said on Tuesday. Ondo is expected to seed the fund with $200 million, tying a major tokenized real-world asset (RWA) issuer directly into State Street’s tokenization stack. The fund will be powered by Galaxy Digital infrastructure, while State Street Bank and Trust Company, an affiliate of State Street Investment Management, will act as custodian. Read more
An affiliate of the crypto exchange Gemini received a designated contract market license and it now plans to offer prediction markets in the US. Crypto exchange Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, has scored a license from the Commodity Futures Trading Commission to offer prediction markets in the US. Gemini said on Wednesday that its affiliate, Gemini Titan, received a designated contract market license from the CFTC and “plans to enter into the prediction markets space.” The company said that “starting shortly,” its US users would be able to trade event contracts on its web platform. Gemini also said it would expand its US derivatives offerings to include crypto futures, options and perpetual contracts. Read more
The Office of the Comptroller of the Currency said crypto was one of many industries that banks had denied services to, and it could refer its findings to the Justice Department. The nine largest US banks restricted financial services to politically contentious industries, including cryptocurrency, between 2020 and 2023, according to the preliminary findings of the Office of the Comptroller of the Currency (OCC). The banking regulator said on Wednesday that its early findings show that major banks “made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities” across the three-year period. The banks either implemented policies restricting access to banking or required escalated reviews and approvals before giving financial services to certain customers, the OCC said, without giving specific details. Read more
Sygnum’s APAC HNWI Report 2025 found that 87% of Asia’s high-net-worth individuals are already exposed to crypto, with an average allocation of approximately 17%. More than half of wealthy Asian investors in a recent survey say they plan to increase their portfolio exposure to cryptocurrency over the next few years. Sygnum’s APAC HNWI Report 2025 found that 6 in 10 of the surveyed Asian high-net-worth individuals (HNWIs) are prepared to increase their crypto allocations based on a strong two- to five-year outlook. It polled 270 HNWIs with more than $1 million in investable assets and professional investors with over ten years of experience across ten APAC countries, mainly in Singapore, but including Hong Kong, Indonesia, South Korea and Thailand. Read more