Crypto Weekly Market Wrap July 20 – Stablecoins, ETFs, Tokenization and Regulation Reshape Global Markets

The crypto market moved beyond price action last week. Companies expanded stablecoin services, tokenized traditional assets, and filed new investment products. Regulators also advanced licensing, digital currency pilots, bankruptcy repayments, and enforcement actions across several regions. Meanwhile, major firms raised capital, adjusted business strategies, and introduced crypto services. Payments, treasury management, regulation, and institutional access also drove many of the week’s largest developments. 

SBI Prepares JPYSC Lending with 3% Yield

SBI Group announced plans to launch JPYSC lending through SBI VC Trade on July 13. The service offered holders a three percent annual return. The plan followed earlier guidance that placed expected returns between one and three percent. JPYSC maintained one yen as its fixed platform value. Therefore, customers could lend tokens instead of only buying, holding, or selling them. The structure gave users yen-based returns without cryptocurrency price exposure on the platform.

BitMine Moves Closer to 5% Ethereum Goal

On July 13, BitMine said that it added 27,801 ETH, lifting its holdings to 5.77 million tokens. That position represented about 4.8 percent of the Ethereum supply. The company said it had reached 96 percent of its stated accumulation target. Meanwhile, the company staked nearly 4.92 million ETH. It estimated annualized staking revenue near $242 million at the reported yield. Most of the positions generated network rewards while supporting Ethereum transaction validation activity.

Strategy Raises Its Dollar Reserve Through Share Sales

Strategy sold about 4.82 million MSTR shares and raised $466.7 million during the period between July 6 and July 12. Its dollar reserve increased to $3 billion. Common equity supplied the entire fundraising increase during the reporting period alone.

Strategy has increased its USD Reserve by $450 million. As of 7/12/2026, we hodl ₿843,775 in our BTC Reserves and $3.0 billion in our USD Reserves. $MSTR $STRC https://t.co/0YQTQd7CXS

— Strategy (@Strategy) July 13, 2026

However, the company made no Bitcoin purchases or sales. It still held 843,775 BTC at an average cost of $75,476 per coin. Management reserved the cash mainly for preferred dividends and debt interest payments.

Tanzania Advances Rules for Crypto and Stablecoins

Bank of Tanzania Governor Emmanuel Tutuba said the central bank was finalizing rules for cryptocurrencies, stablecoins, and other virtual assets. On July 13, Tutuba said growing participation among young investors had produced numerous loss complaints for regulators.

The framework focused on oversight, investor protection, money laundering, terrorist financing, and financial stability. Officials also cited trading losses reported by younger domestic participants. The central bank sought stronger supervision through the planned legal framework in Tanzania.

United States and Britain Align Stablecoin Policy Goals

The United States and United Kingdom issued a joint stablecoin statement through their markets working group on July 14. Both governments supported closer regulatory alignment. The agreement targeted comparable outcomes for similar risks without undermining market competition or viability.

They backed full reserves, segregated assets, timely redemptions, and protected holder claims. Moreover, they explored cross-border market access for regulated stablecoins. Both sides also supported stablecoin use within securities, commodities, payments, and settlements across borders.

South Korea Plans Tokenized Government Bond Testing

On July 14, South Korea outlined a 2027 pilot for tokenized government bonds using the Bank of Korea’s digital currency system. Officials included it within the growth strategy. Authorities planned direct cooperation with the central bank and domestic financial institutions. The project aimed to settle payments and bond ownership together. Additionally, authorities planned cross-border tests and links with other blockchain networks. The design also considered smart contracts that could complete transactions under preset conditions.

Circle and JCB Tests USDC Payment Pilot

Circle and JCB began testing USDC for internal cross-border treasury transfers on July 14. The proof of concept focused first on moving funds between JCB operations. The companies used a controlled setting before considering broader commercial payment services afterward.

JCB Eyes Cross-Border Efficiency in New Stablecoin Alliance with Circle

Japanese payments giant JCB Co has signed a memorandum of understanding with an affiliate of Circle Internet Group to explore the integration of stablecoin technology into its global payment network.

The… pic.twitter.com/fycsMXDI2M

— Norbert Gehrke (@norbertgehrke) July 14, 2026

Later stages could examine merchant payments across Japan. Meanwhile, both companies studied how stablecoin settlement could connect with JCB’s existing payment network. They disclosed no timetable, transaction volume, or financial commitment for commercial deployment yet.

ECB Selects Payment Firms for Digital Euro Testing

On July 14, the ECB selected 36 payment providers for a year-long digital euro pilot starting during 2027’s second half. Nineteen national central banks joined. Applicants included banks, payment processors, fintech firms, and merchant technology providers from multiple countries.

Staff would test transfers, shop payments, online purchases, and offline transactions. Moreover, participating firms would support consumer access and merchant acceptance. The beta currency lacked legal tender status during the operational testing phase across Europe.

Morgan Stanley Updates Ethereum and Solana ETF Filings

Morgan Stanley updated filings for proposed Ethereum and Solana ETFs on July 14. The funds carried MSSE and MSOL tickers with annual sponsor fees of 0.14 percent. Both trusts sought listings on NYSE Arca after the required regulatory steps. Both products tracked specific benchmark prices and planned staking through selected providers. However, the SEC had not approved either fund or confirmed launch dates. Selected providers included Figment, Galaxy, and Coinbase Canada for staking operations.

South Korea Proposes Broader National Asset Management Rules

South Korea proposed a National Asset Basic Act covering virtual assets, financial assets, and intellectual property on July 15. The reform targeted more than 1,400 trillion won. The government wanted separate rules suited to each asset category under management. Officials also considered tokenizing state-owned property through security tokens. Meanwhile, the proposal required legislative approval before the new framework could take effect. Annual reviews and an AI database formed part of the reform plan.

Tether Freezes TRON Addresses Linked to Iranian Entities

On July 15, Tether froze four TRON addresses holding about $131 million in USDT. Authorities linked the wallets to Iran’s central bank and the IRGC. Most funds previously moved through a payment provider and directly through Bitso accounts.

.@USTreasury is committed to disrupting and degrading Iran’s illicit financial activities, including its abuse of digital assets.  Today, Treasury’s Office of Foreign Assets Control sanctioned multiple wallets tied to the Central Bank of Iran, resulting in the freeze of over $130…

— Treasury Secretary Scott Bessent (@SecScottBessent) July 14, 2026

The US Treasury also announced sanctions involving more than $130 million in digital assets. Officials said the action targeted prohibited financial activity. Treasury Secretary Scott Bessent confirmed the sanctions through a social media statement that week.

US Senators Reject Pardon Bid for FTX Founder

A resolution to oppose federal clemency for Sam Bankman-Fried was passed by the Senate unanimously on July 15. The jury verdict and his 25-year prison term were backed by lawmakers. Senators Cynthia Lummis and Ruben Gallego introduced the bipartisan measure in June before the vote. The measure remained nonbinding and could not restrict presidential pardon powers. However, pardons, commutations, and other executive reliefs were formally denied by the senators. His conviction and term of imprisonment had been upheld in full in a federal appeals court.

DTCC Runs First Restricted Live Tokenization Pilot

DTCC officially launched its first limited live session for tokenized real-world assets on July 15. The test used a live production environment instead of a simulation. The depository subsidiary DTC supplied tokenization services during the live session. More than 50 traditional and digital asset firms had supported the earlier development. Ultimately, DTCC aimed to move major securities onto digital infrastructure. Its long-term scope eventually included equities, ETFs, Treasury bonds, and other core assets.

Revolut Secures Preliminary Crypto Approval in Dubai

Revolut received in-principle approval from Dubai’s virtual asset regulator on July 15. The approval covered brokerage, investment management, and exchange services across the UAE. Separately, the company already held central bank approval for payment activities in the UAE. Eligible customers could later access crypto through the retail app and Revolut X. Still, final operations depended on remaining regulatory approvals. The planned launch would extend regulated crypto services into the Middle East for eligible customers.

ZachXBT Questions Hardware Wallets After Scam Losses

ZachXBT criticized hardware wallets and recommended a dedicated iPhone for crypto users on July 16. He focused particularly on Ledger’s frequent software updates. His comments followed growing losses from scams targeting wallet users through deception and phishing.

ZachXBT Says Hardware Wallets Are “Garbage,” With Ledger the Worst

ZachXBT, one of the crypto industry’s most prominent onchain investigators, said he does not consider current hardware wallets suitable for signing critical transactions or storing large amounts of assets,… pic.twitter.com/UuVYX7NbjH

— Wu Blockchain (@WuBlockchain) July 16, 2026

However, he reported no new hardware breach or private-key failure. Recent thefts mainly involved phishing, fake applications, and fraudulent transaction approvals. Ledger had recently renamed its companion software and released version 4.8.0 with security improvements.

Etrade Launches Spot Trading for Three Crypto Assets

On July 16, Morgan Stanley’s ETRADE launched spot trading for Bitcoin, Ethereum, and Solana. Eligible clients could buy, sell, and hold the three assets. The launch extended Morgan Stanley’s retail offering beyond traditional stocks and funds across eligible accounts.

ZeroHash provided the underlying digital asset infrastructure. The platform charged 50 basis points and planned crypto transfers during the later months of the year. The company had not launched transfers immediately and instead planned deployment for later in 2026.

Ostium Halts Trading After Major Oracle Exploit

Ostium lost about $21 million on July 16 after an attacker manipulated oracle data within its public liquidity vault. False prices created highly profitable fake trades. The attacker used future timestamps and a registered PriceUpKeep forwarder during execution. The team halted trading contracts within minutes and began an investigation. Meanwhile, the attacker swapped stolen USDC for Ethereum and used Tornado Cash. User positions stayed on-chain, while paused contracts locked margin funds during the investigation.

Ondo and SBI Expand Japanese Equity Tokenization Plans

Ondo Finance and SBI Group announced plans to tokenize Japanese equities on July 16. Ondo Global Markets would issue instruments linked to Japanese assets. The agreement connected local market access with Ondo’s real-world asset technology and global distribution. SBI planned distribution through its ecosystem and strategic partners. Additionally, JPYSC would support settlement and collateral within the planned tokenized asset structure. The partners framed the project as a bridge between Japanese markets and on-chain finance.

Robinhood Requests SEC Relief for Employee Investment Fund

Robinhood asked the SEC for exemptions covering a private employee investment fund on July 16. Eligible workers and certain affiliates could participate under the proposed structure. Robinhood formed the partnership on July 1 and served as its first investor.

🚨 $HOOD WANTS TO SET UP A SPECIAL INVESTMENT CLUB FOR ITS OWN EMPLOYEES

Will be called the "Robinhood Employee Fund"

Employees can put their money in together and the pooled money gets invested in things like stocks, real estate, and other assets

Usually, there are a LOT of… pic.twitter.com/o2hEFXeGt3

— Hood House (@hood__house) July 16, 2026

The fund could invest across public, private, liquid, and illiquid assets. However, Robinhood did not describe it as a cryptocurrency-focused vehicle. Most participants needed accredited status, although each partnership could admit exceptions under strict conditions.

Bitcoin Japan Revives Treasury Plan with New Financing

On July 17, Bitcoin Japan disclosed plans to raise about 9.66 billion yen through bonds and stock acquisition rights. It set aside 662 million yen for purchases of bitcoins. Management targeted selective purchases as market conditions evolved, but did not specify a date. Meanwhile, private equity and rare earth projects received larger allocations. After the previous fundraising plan failed, the company has remained without holding any Bitcoin. Full conversion would significantly impact the share count and dilute voting rights.

ESMA Expands MiCA Register with Fourteen Providers

ESMA approved an additional 14 crypto companies for its MiCA register, bringing the number to 294 on July 17. Ripple Payments Europe joined via the Luxembourg regulator. Five banks were among the latest additions in various European jurisdictions. Other participants expanded the database in Europe. Meanwhile, the electronic money token list stayed at 21 issuers, while the asset-referenced list stayed empty. The firms were approved by national regulators, while ESMA maintained the central public register in Europe.

FTX Schedules Another $900 Million Distribution

On July 17, FTX scheduled its fifth creditor distribution for July 31. Eligible creditors would receive about $900 million through BitGo, Kraken, or Payoneer. Qualified customers had completed all verification steps before the June 16 record date. Different claim classes received additional percentages under the repayment plan. Additionally, eligible preferred equity holders would receive another $18 million during the distribution. Class distributions pushed cumulative repayments above 100 percent for creditor groups in the plan.

ECB Warns Stablecoins Could Pull Deposits From Banks

ECB Executive Board member Piero Cipollone warned on July 17 that wider stablecoin use could reduce retail bank deposits. Those deposits support lending and other services. Mobile payments represented more than one-tenth of store transactions in several countries.

🇪🇺 JUST IN: ECB warns stablecoins are draining European bank deposits

ECB Executive Board member Piero Cipollone says commercial banks are losing retail deposits and payment revenue to stablecoins and mobile payment providers.

He says Europe is becoming "increasingly dependent… pic.twitter.com/ZvaDjTmZnb

— Coin Bureau (@coinbureau) July 17, 2026

He also linked payment platforms with higher fees and weaker customer data access. Meanwhile, the ECB presented the digital euro as a public alternative. The proposed digital euro paid no interest and included strict holding limits.

Binance Pursues Broader Financial Super App Strategy

Binance outlined new expansion plans beyond crypto trading, such as payments, stablecoins, stocks, and other areas of financial services. Trading will continue to be a key part of the overall strategy. The financial direction was discussed in an interview during the exchange’s 9th anniversary by its founder, Shuyun Jan.

The exchange tied its business approach to growing demand for stablecoins along with the emerging markets’ demand. Furthermore, Binance already had tokenized stocks and widespread payment capabilities. Binance Research also pointed to the payments segment as one of the most promising ways for wider growth of the crypto super app worldwide.

Digital Asset Investment Products Market Overview

U.S. spot Bitcoin ETFs welcomed another week of net inflows, ending a lengthy stretch of outflows. Institutional investors returned as fresh inflation data and a less hawkish Fed outlook, supported by better crypto policy sentiment, offered a boost. According to data from Sosovalue, U.S. crypto funds attracted $181 million, a 35.8% decline from the week prior. Bitcoin products turned around from early-week losses and closed the week with $75.5 million in inflows.

Meanwhile, Ether funds attracted $105.5 million, representing most weekly inflows as Ethereum gained 4% over seven days. BlackRock contributed $343.4 million to Bitcoin and Ether products during the period, while other rivals saw outflows. Meanwhile, SOL spot ETFs saw $948,200 in inflows, and XRP spot ETFs attracted $6.78 million, while HYPE spot ETFs drew $7.26 million in net outflows.

Bitcoin Price Performance

Bitcoin displayed a neutral performance last week, recording a modest gain of 0.50%. The asset surged from lows of $61K and reclaimed the $65K region before retracing to consolidate around the $64K level toward the end of the week. At the time of this writing, BTC is trading around $64,325, with a market cap and trading volume of $1.29 trillion and $15 billion.

Looking at the technical perspective, BTC is extending its bullish recovery as the price approaches the middle Bollinger band. The lower Bollinger band, located at $57,140, has acted as key support, preventing further downside.

The upper Bollinger band is situated at $82,552, indicating the key resistance zone. Meanwhile, indicators such as the Moving Average Convergence Divergence show a continuation of the upward rally if the current trend holds. The MACD line is making a crossover above the signal line, which is usually a sign of increased buying pressure.