JPMorgan, BofA, Citi, Wells Fargo Build Shared Tokenized Deposit Network

The Tradfi-onchain battle for digital dollars heated up as JPMorgan, BofA, Citi, and Wells Fargo moved to launch a shared tokenized deposit network, challenging the dominance of public stablecoins. Visa signaled its own path by investing in the OpenUSD ecosystem for settlement, while Morgan Stanley expanded crypto ETPs into Ether and Solana with staking. South Korea accelerated its regulatory consolidation, and US lawmakers revived efforts to close the crypto wash sale tax loophole.

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JPMorgan leads four US banks in shared tokenized deposit network JPMorgan, Bank of America, Citigroup and Wells Fargo are developing a shared network for tokenized deposits, offering a bank-backed alternative to public stablecoins by enabling round-the-clock settlements on a regulated ledger. 1

Morgan Stanley launches Ether and Solana ETPs with staking rewards The $381M bitcoin fund issuer listed the Morgan Stanley Ethereum Trust and Solana Trust on NYSE Arca, charging a market-leading low 0.14% fee and passing staking rewards directly to investors. 2 3

Visa invests in OpenUSD stablecoin ecosystem and settlement platform During its fiscal Q3 earnings call, Visa detailed a strategy to invest across the stablecoin ecosystem, joining the consortium to issue OpenUSD and launching a platform for partners to settle payments using stablecoins. 4

South Korea FSC pushes single Digital Asset Basic Act for stablecoins The Financial Services Commission plans to merge 10 separate crypto bills into one government-backed framework covering stablecoin issuance, exchange rules, and disclosures, while opposition lawmakers push to abolish the 22% crypto tax. 5 6

US Congress revives bipartisan push to close crypto wash sale loophole Lawmakers are targeting the billions in annual tax benefits that crypto investors claim through wash sales, which allow them to book losses on bitcoin and ether without actually selling the assets. 7

Bank of Russia publishes draft rules for regulated crypto trading The central bank unveiled proposals for organized crypto trading, digital depositories, and settlement standards, integrating digital assets into Russia's regulated exchange framework under a new licensing regime. 8

Hungary votes to repeal national crypto rules after industry exodus Parliament approved legislation to drop its strict gold-plated MiCA requirements, which drove Revolut, MoonPay, and Strike out of the market, clearing the way for EU-licensed firms to serve Hungarian clients. 9

Clearpool launches vault targeting 15% yield from tokenized trade finance The on-chain credit protocol's Trade Finance Vault lets USDC holders fund real-world invoices and letters of credit, with yields managed by Tradevu and Cicada Credit in the 6–15% range. 10

Aave launches stable vaults to simplify yield for fintech apps Aave's new Stable Vaults automatically allocate deposits across DeFi lending strategies for USDC, USDT, and GHO, entering a yield-as-a-service race against Morpho, which powers Coinbase's $200M savings vault. 11

Bitcoin and Ether slide ahead of uncertain Fed rate decision Bitcoin opened at $63,706 and Ether at $1,890 as the FOMC meeting began, with the CME FedWatch tool pricing a 36% probability of a rate hike, fueling expectations of continued macro-driven volatility. 12 13